Examlex
When a company switches from a traditional system to a just-in-time production and inventory system,what often happens to the quality of raw material purchased and the number of vendors that supply the firm?
Economically Desirable
Attributes or actions that are beneficial from an economic standpoint, promoting efficiency, growth, or productivity.
Producer Surplus
The difference between the amount producers are willing to supply a good for and the actual amount they receive by selling it.
Market Price
The current price at which a goods or service can be bought or sold in a particular market.
Consumer Surplus
The gap between what consumers are prepared and capable of paying for a product or service and what they end up spending.
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