Jet Perks Is an Organization That Has Chosen to Use

question 23

Multiple Choice

Jet Perks is an organization that has chosen to use a JIT system. Their productivity will improve because the company can now ________.

• A) give quick feedback to suppliers of defective goods
• B) respond quickly to increased customer demand
• C) have a buffer stock of inventory available
• D) store more raw material in less space

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Definitions:

Long-Run Supply Function

A representation of the relationship between the price of a good and the quantity supplied over a period where all factors of production are variable.

Long-Run Cost Function

An economic concept reflecting the total cost of production where all inputs can be fully adjusted to minimize costs.

Positive Output

The result of production processes or economic activities that yield a beneficial or productive outcome.

Production Function

An equation or formula that describes the relationship between inputs (like labor and capital) and the output of goods or services.