How Is JIT Purchasing Done

question 11

Multiple Choice

How is JIT purchasing done?

• A)using short-term contracts emphasizing price
• B)using long-term contracts based on quality,reliability,and price
• C)using short-term contracts based on quality,reliability,and price
• D)using inventory to hedge against stockouts and price increases

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Definitions:

Per-Worker Production Function

The per-worker production function depicts the relationship between the average product output per employee and the inputs used per employee, highlighting the efficiency of labor in production.

Attainable

Referring to a goal or objective that can be reached or achieved, especially through effort or strategy.

Per-Worker Production Function

A graphical representation that shows the relationship between the amount of output produced per worker and the amount of capital available per worker.

Shape

The external form or appearance of an object, defined by its outline or surface configuration.