Along a Perfectly Elastic Demand Curve

question 102

Multiple Choice

Along a perfectly elastic demand curve,

• A)the slope is always zero.
• B)the price elasticity of demand is 1.
• C)consumer purchases will not respond at all to a change in price.
• D)All of the responses are correct..

Identify the key characteristics and goals of Lean operations, JIT, and the Toyota Production System (TPS).

Recognize the benefits and challenges of JIT partnerships with suppliers.

Understand the concept of throughput and its Measurement.

Understand the application and importance of the 5Ss in Lean production.

---

Definitions:

Conversion Costs

Manufacturing costs, including direct labor and overhead, that are incurred in converting raw materials into finished products.

Process

A series of actions or steps taken to achieve a particular end in a business or manufacturing environment.

Production

The process of transforming raw materials or components into finished goods ready for sale, using labor, machinery, tools, and other resources.

Operations

The day-to-day activities necessary for an organization to run effectively, encompassing production, distribution, and fulfillment of products or services.