For Productive Efficiency to Hold

question 98

Multiple Choice

For productive efficiency to hold,

• A)price must equal the marginal cost of the last unit produced.
• B)price must equal marginal revenue of the last unit sold.
• C)the average variable cost must be minimized in production.
• D)the average total cost must be minimized in production.

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Definitions:

Respect for People

A principle in leadership and management emphasizing the importance of treating all individuals with dignity, considering their needs and contributions.

Standard Work Practices

Standard work practices refer to the set of procedures and guidelines designed to consistently achieve optimal performance, quality, and safety in an organization's operations.

Poka-yoke

A mistake-proofing technique used in manufacturing and software development to prevent or correct errors by designing the manufacturing process, equipment, or software in a way that avoids errors or makes them immediately evident.

JIT Systems

Just-In-Time inventory management systems designed to increase efficiency and decrease waste by receiving goods only as they are needed in the production process.