Which of the Following Is NOT One of the Seven

question 18

Multiple Choice

Which of the following is NOT one of the seven categories of waste or muda?

• A)Waiting
• B)Inventory
• C)Underproduction
• D)Defects

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Definitions:

Equilibrium Price

The charge for which the desired quantity of a good or service is identical to the quantity that is supplied, resulting in a balanced market situation.

Inferior Good

An item whose demand falls when consumer income rises, contrasting with normal goods where demand increases with income.

Technological Advancement

The process of developing and applying new technologies to improve products, processes, or services.

Equilibrium Quantity

When the market is at equilibrium, the supply of goods or services is identical to the demand at that price.