Just-In-Time Manufacturing (JIT) Focuses on Quality Improvement and Applies This

question 87

True/False

Just-in-time manufacturing (JIT) focuses on quality improvement and applies this standard to all aspects of business activities.

---

Definitions:

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, creating a market balance.

Equilibrium Quantity

The supply of goods or services equals the demand for them at the price where the market is in equilibrium.

Replacement Costs

The cost to replace an asset of a company at the present time, according to its current worth.

Gasoline Prices

The cost per unit of gasoline, influenced by factors such as crude oil prices, taxes, and supply and demand dynamics.