The Methodologies and Concepts Adopted by Just-In-Time (JIT) Manufacturing Is

question 51

Multiple Choice

The methodologies and concepts adopted by just-in-time (JIT) manufacturing is very similar to:

• A)traditional manufacturing.
• B)lean manufacturing.
• C)functional-based manufacturing.
• D)activity-based manufacturing.

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Definitions:

Production Costs

The total expense incurred in manufacturing a product or providing a service, including raw materials, labor, and overhead expenses.

Monopolistic Competition

An industry that has many firms producing a differentiated product.

Over-Differentiation

Over-differentiation occurs when a company creates too many variations of a product, causing confusion among consumers and potentially harming sales.

Monopoly Profits

Excess profits earned by a monopoly as a result of having sole control over a market, enabling it to charge higher prices by restricting supply.