Which of the Following Is Not a Characteristic of Perfect

question 56

Multiple Choice

Which of the following is not a characteristic of perfect competition?

• A)buyers and sellers having no influence on price
• B)there are no barriers to entry or exit
• C)sellers produce and sell a heterogeneous product
• D)buyers and sellers have access to all relevant information

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Definitions:

Kanban Systems

A method for managing work and inventory with visual signals to indicate when new work should start or when inventory should be replenished.

Safety Stock

Inventory kept on hand to protect against stockouts caused by variations in supply and demand.

Lead Time

The total time that elapses from the initiation of a process or order until its completion, often used in manufacturing and project management to measure efficiency.

Ohno's Seven Wastes

A foundational concept in lean manufacturing, identifying seven types of waste to eliminate: overproduction, waiting, transport, over-processing, inventory, motion, and defects.