An Operation That Strives for the Highest Possible Productivity and Total

question 123

Multiple Choice

An operation that strives for the highest possible productivity and total quality, as well as cost-effectiveness, by eliminating unnecessary steps in the production process and continually working toward greater improvement is implementing

• A)lean manufacturing.
• B)ISO 9001 standards.
• C)mass customization.
• D)concurrent engineering.
• E)just-in-time operations.

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Definitions:

Indifference Curves

Graphical representations in microeconomics that show different bundles of goods between which a consumer is indifferent.

Maximize Utility

The process of allocating resources to obtain the highest possible satisfaction or utility.

Consumer Equilibrium

A state in which consumers are maximizing their satisfaction, with no incentive to alter their allocation of expenses across goods or services.

Marginal Utility

The change in total satisfaction or utility that a person receives from consuming one additional unit of a good or service.