Which of the Following Is (Are)objective(s)of Lean Manufacturing

question 10

Multiple Choice

Which of the following is (are) objective(s) of lean manufacturing?

• A) eliminating waste
• B) increasing inventory levels
• C) increased production speed
• D) all of the above

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Definitions:

Marginal Revenue Product

The additional revenue generated from employing one more unit of a resource or input, used in decision-making about resource allocation.

Price-Taker Market

A market scenario in which sellers accept the market price as given because they have no influence over it, often due to high competition and standardized products.

Marginal Product

The additional output that is produced by utilizing one more unit of a variable input, holding all other inputs constant.

Labor Market

The marketplace in which employers find workers and workers find jobs, characterized by supply and demand for labor.