Which of the Following Are Elements That Address Elimination of Waste

question 17

Multiple Choice

Which of the following are elements that address elimination of waste under lean production?

• A)Production ahead of demand
• B)Group plant loading technology
• C)Kanban production control system
• D)Minimized run times
• E)Full capacity utilization

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Definitions:

Purely Competitive Market

A market structure where no single buyer or seller has the power to influence prices, and products are perfectly substitutable.

Wage Rate

The standard amount of compensation an employee receives for performing a specific task or for working a certain amount of time, typically measured per hour or per unit of work.

Workers

Individuals engaged in any form of work either for wages, salary, or as independent contractors.

Product Price

The amount of money charged for a product or service, which can be influenced by production cost, supply and demand, and market competition.