The New Product Value Stream Focuses on

question 28

Multiple Choice

The new product value stream focuses on

• A)developing new products for new customers.
• B)providing current products to current customers.
• C)providing current products to new customers and new products to new customers.
• D)the production, sale, and delivery of products.

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Definitions:

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that suppliers are willing to sell.

Demand Curve

A graph showing the relationship between the price of a good or service and the quantity demanded by consumers at different prices.

Social Costs

The total cost to society, including both private costs incurred by firms and external costs to individuals not involved in a transaction.

Socially Optimal

A state in which resources are allocated in the most efficient way from a societal perspective, maximising collective welfare or benefit.