Sule Technologies Initiated a Just-In-Time Inventory System in 2013

question 40

Multiple Choice

Sule Technologies initiated a just-in-time inventory system in 2013.Now the production manager,Chan Ziaou,wants to apply the same principles to the entire production process.His recommendation is that Sule adopt a

• A)master production scheduling system.
• B)lean manufacturing system.
• C)manufacturing resource planning system.
• D)computer-integrated manufacturing system.

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Definitions:

Elastic Demand

A situation where the quantity demanded of a good or service significantly changes in response to a change in its price.

Lerner Index

An economic measure of a firm's market power, calculated as the difference between price and marginal cost relative to price, indicating the degree of monopoly power.

Monopoly Power

The degree of power held by a monopoly, characterized by the ability to control market prices and exclude competitors within a particular market or industry.

Price Markup

The practice of setting the selling price of a product higher than its initial cost to achieve a profit margin.