A Company Needs to Rebalance a Product Layout for Producing

question 94

Multiple Choice

A company needs to rebalance a product layout for producing new plastic license plates. They plan to use the assembly line 6 hours in order to meet projected demand of 2,160 license plates each day. The following table describes the tasks involved in the production of this product:

For output to equal projected demand, what will be the idle time at the second workstation of the assembly line that uses the minimum number of workstations?

• A)0 seconds
• B)1 second
• C)2 seconds
• D)3 seconds
• E)5 seconds

Analyze the relationship between price changes, demand, and consumption for different products

Understand the concept of elasticity of demand and how it is affected by various factors

Analyze the impact of taxes on market equilibrium and who bears the tax burden

Differentiate between elastic and inelastic demand

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Definitions:

Entire Market

The total sales volume of all competitors within a particular industry or sector.

Demand Conditions

Refers to the nature and scale of demand in the industry which affects the competitiveness and strategy of firms.

Potential Competitors

Firms or individuals that are not currently in the market but have the ability to enter and compete in the future.

Oligopolistic Industry

A market structure characterized by a small number of firms dominating the market, leading to strategic interactions in pricing and output.