JIT Reduces Lead Times to Meet Delivery Dates by

question 13

Multiple Choice

JIT reduces lead times to meet delivery dates by

• A)reducing setup times.
• B)expediting delivery to customers.
• C)having more inventory available.
• D)working overtime to fill orders.

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Definitions:

Product Differentiation

A marketing strategy that businesses use to distinguish their products from similar offerings, through features, branding, quality, or other attributes.

Excess Capacity

The situation in which a firm is producing at a lower scale of output than it has been designed for, typically because of declining demand.

Monopolistically Competitive Firms

Monopolistically competitive firms operate in a market structure where many firms sell products that are similar but not identical, allowing for some degree of market power and price setting.

Price Elasticity

An indicator of the responsiveness of the quantity demanded of a product or service to variations in its price.