Which of the Following Best Represents the Law of Demand

question 344

Multiple Choice

Which of the following best represents the law of demand?

• A)As the price of a good decreases, the demand for the good increases.
• B)As the price of a good increases, the quantity demanded of that good decreases.
• C)As the demand for a good increases, the price of that good increases.
• D)As the price of a good decreases, the demand curve for that good shifts to the right.

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Definitions:

Lean Operations

A management philosophy aimed at minimizing waste within manufacturing systems while simultaneously maximizing productivity.

Toyota Production System

A highly efficient and flexible production system developed by Toyota that focuses on eliminating waste and increasing quality.

TPS

Toyota Production System, a highly influential production philosophy focused on eliminating waste, improving productivity, and achieving efficiency in manufacturing.

Kanban Size

Refers to the capacity or limit set for a kanban, a tool in lean manufacturing and just-in-time production, which signals when more materials or work is needed.