When Was the Just-In-Time Philosophy Developed

question 124

Multiple Choice

When was the just-in-time philosophy developed?

• A) 1980s
• B) 1930s
• C) 1800s
• D) 1700s
• E) 1990s

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Definitions:

Supply Curve

A curve that illustrates the supply for a product by showing how each possible price (on the vertical axis) is associated with a specific quantity supplied (on the horizontal axis).

Equilibrium Price

The price at which the quantity of a product offered is equal to the quantity of the product in demand.

Elasticity Coefficient

A measure that quantifies how a change in one economic variable, such as price, affects the quantity demanded or supplied of another variable.

Perfectly Inelastic

A situation in demand or supply in which the quantity demanded or supplied does not change regardless of changes in price.