The Main Objective of Lean Manufacturing Is to

question 99

Multiple Choice

The main objective of lean manufacturing is to

• A) keep labor costs as low as possible by expanding the use of other resources.
• B) produce products that have fewer frills and options in order to simplify the production process and keep costs as low as possible.
• C) produce goods using less of all types of resources.
• D) get state and local governments to handle many of the tasks currently performed by the firm.

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Definitions:

Europe

A continent located entirely in the Northern Hemisphere and mostly in the Eastern Hemisphere, comprising countries with varied cultures and economies.

Luxury Good

A good for which demand increases more than proportionally as income rises, and is often considered non-essential but desirable.

First-Degree Price Discrimination

A pricing strategy where a seller charges each customer the maximum price they are willing to pay, capturing all consumer surplus.

Inverse Demand Function

A mathematical representation that describes how demand for a product varies inversely with changes in its price.