Lean Operations Are Known for Their

question 59

Multiple Choice

Lean operations are known for their:

• A) employee development.
• B) supplier education.
• C) supplier partnerships.
• D) challenging jobs.
• E) All of these are attributes of lean operations.

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Definitions:

Inelastic

Refers to a condition where the demand for a product or service changes very little when there is a change in its price.

Price Elasticities

A measure of how much the quantity demanded or supplied of a good changes in response to a change in its price.

Social Security

A government program that provides financial assistance to retirees, disabled workers, and their families.

Labor Economists

Labor economists study the dynamics of workers, jobs, and the markets in which they operate, to understand the factors affecting labor supply and demand.