Which of the Following Is a Trait of a Traditional

question 105

Multiple Choice

Which of the following is a trait of a traditional manufacturing system?

• A)pull-through system
• B)long-term supplier contracts
• C)value-added focus
• D)total quality control

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Definitions:

Perfectly Inelastic Demand

A market situation where the quantity demanded does not change irrespective of changes in price.

Downward-Sloping

A graphical representation indicating a decrease or decline in value, often used in economics to describe demand curves.

More Inelastic

Referring to a situation where a product's demand or supply is less responsive to changes in price.

Cross Elasticity

A measure of the responsiveness of the demand for one product in relation to a change in the price of another product.