A Just-In-Time Environment Has Smaller Inventories Than the Traditional Manufacturing

question 97

Multiple Choice

A just-in-time environment has smaller inventories than the traditional manufacturing environment.As a result,

• A)larger production lot sizes are the rule,in order to realize the cost-effectiveness of long production runs.
• B)the amount of working capital required for inventory typically increases.
• C)the just-in-time environment experiences a lower inventory turnover than the traditional environment.
• D)the just-in-time environment typically experiences a higher inventory turnover than the traditional environment.

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Definitions:

Product Price

The monetary cost of a product, determined by factors such as production costs, competition, demand, and market conditions.

Externality

A consequence of an economic activity experienced by unrelated third parties; it can be positive or negative.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that suppliers are willing to sell.

Demand Curve

A graph showing the relationship between the price of a good or service and the quantity demanded by consumers at different prices.