Just-In-Time Manufacturing Techniques Can Be Useful in _____________ Days' Sales

question 123

Multiple Choice

Just-in-time manufacturing techniques can be useful in _____________ days' sales in raw materials inventory.

• A)keeping constant
• B)changing upward
• C)adding to
• D)lowering
• E)increasing

Understand various retail merchandise strategies and their applications.

Identify the impact of retail store environment on consumer behavior.

Recognize different types of shopping centers and their characteristics.

Comprehend the importance and applications of slotting allowances in retail.

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Definitions:

Productive Efficiency

A situation where an economy or a production entity cannot produce more of one good without sacrificing production of another good and by using the least costly production techniques.

Long-Run Adjustments

The process by which firms adjust their production levels, input mixes, and operations to reflect changes in the market or economic conditions over a longer period.

Allocative Efficiency

A state of the economy in which production represents consumer preferences; in other words, every good or service is produced up to the point where the last unit provides a utility level equal to the cost of producing it.

Marginal Benefit

The incremental enjoyment or advantage received from the consumption or creation of one more unit of a good or service.