_____ Refers to Ensuring That Production Lines Function Smoothly Because

question 32

Short Answer

_____ refers to ensuring that production lines function smoothly because high quality parts are available as needed.

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Definitions:

Elasticity

A measure in economics of how the quantity demanded or supplied of a good changes in response to changes in price or other factors.

Considered Elastic

A description for goods or services whose demand or supply is significantly responsive to changes in price.

Unit Elastic

Describes a demand or supply scenario where a percentage change in price leads to an equal percentage change in quantity demanded or supplied.

Quantity Demanded

The aggregate quantity of a product or service that customers are ready and capable of buying at a certain price point.