JIT Was Developed in the U

question 33

True/False

JIT was developed in the U.S. and copied by the Japanese.

---

Definitions:

Efficient Scale

The level of production that minimizes the average total cost of producing a good or service. It represents the most cost-effective point of operation for a business.

Maximum Profit

The highest possible profit a firm can achieve when it has optimized its production and sales, given the constraints of the market.

Long-Run Adjustment

The process through which inputs and outputs fully adjust to changes in the market, considering all potential variable and fixed costs.

Zero Profit

A situation where a firm's total revenue is exactly equal to its total costs, resulting in no net profit.