Wait Time Is the Time

question 21

Multiple Choice

Wait time is the time:

• A) Spent producing the product.
• B) Spent inspecting raw materials received, goods in process while in production, and finished goods prior to shipment.
• C) Spent moving raw materials from storage to production and goods in process from one factory location to another factory location
• D) That an order or job sits with no production applied to it.
• E) That is considered value-added time.

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Definitions:

Demand Curve

A pictorial representation that maps out the correlation between a good's price and its demand over an allotted time.

Laws of Supply and Demand

Economic principles stating that the price of a good is directly related to its availability (supply) and the desire for it (demand), with high demand and low supply leading to high prices, and vice versa.

Price

The sum of money needed to buy a product, service, or asset.

Buyer

A person or organization that buys products or services for private use or consumption.