Which of the Following Is an Important Belief Found in Lean

question 31

Multiple Choice

Which of the following is an important belief found in lean cultures?

• A)Inventory is to be reduced.
• B)Cost must be reduced.
• C)Management must be done through the use of appropriate tools and procedures.
• D)Waste is a symptom.

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Definitions:

Significant Barriers

Major obstacles or impediments that prevent entities from entering a market or industry.

Horizontal Demand Curve

A demand curve representing a situation where a small change in price leads to an infinite change in quantity demanded, typically associated with perfectly competitive markets.

Four-Firm Concentration Ratio

A measure that indicates the total market share controlled by the four largest firms within an industry.

Herfindahl Index

A measure of market concentration calculated by summing the squares of the market shares of all firms in the industry.