Folding Squid Technologies Initiated a Just-In-Time Inventory System in 2007

question 5

Multiple Choice

Folding Squid Technologies initiated a just-in-time inventory system in 2007.Now the production manager,Chan Ziaou,wants to apply the same principles to the entire production process.His recommendation is the firm adopt a

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

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Definitions:

Pure Monopoly

A market structure in which a single seller controls the entire supply of a product or service, and therefore can manipulate prices and conditions of sale.

Close Substitutes

Products or services that are so similar that a consumer can easily replace one with another, often affecting consumer choice and market competition.

Sole Producer

A market situation where only one supplier exists for a particular good or service, often leading to monopolistic behaviour.

Average Revenue

The amount of money received by a firm per unit of output sold.