The Amount of Time from When an Order Is Ready

question 41

Multiple Choice

The amount of time from when an order is ready to start on the production line to when it becomes a finished good is referred to as ________.

• A) manufacturing time
• B) time driver
• C) customer-response time
• D) delivery time

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Definitions:

Equilibrium

A state in which market supply and demand are balanced, and as a result, prices become stable.

Market

A place or system where buyers and sellers interact to trade goods, services, or resources.

Price

The money total set, required, or given as remuneration for something.

Consumer Surplus

The difference between the maximum price a consumer is willing to pay for a good or service and the actual price they pay.