Weeding Out Unnecessary Items, Neatly Arranging What's Left, and Cleaning

question 45

Multiple Choice

Weeding out unnecessary items, neatly arranging what's left, and cleaning the work area are components of:

• A) a Kanban system.
• B) a constraint management system.
• C) mixed-model assembly.
• D) a 5S program.

Recognize the types of electronic business records that must be retained for legal proceedings.

Distinguish between the major types of monetary damages in civil litigation.

Explain the concept of fairness in legal disputes, including outcome and procedural fairness.

Understand the most popular forms of alternative dispute resolution (ADR).

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Definitions:

Kinked-demand Curve Model

An economic model that explains price stability in oligopolistic markets by suggesting that businesses may not raise or lower prices due to the segmented demand curve.

Price Cut

A reduction in the selling price of products or services, typically to attract more buyers or to sell off excess stock.

Equilibrium Price

The price at which the supply of an item matches its demand, leading to a stable market condition where there is neither excess supply nor excess demand.

Equilibrium Output

The level of production at which the quantity of goods supplied equals the quantity of goods demanded, leading to market stability.