Being Able to Keep Costs Low While Changing the Volume

question 106

Multiple Choice

Being able to keep costs low while changing the volume of production is an example of

• A) Simplicity
• B) Flexibility
• C) Visibility
• D) Continuous improvement
• E) Total quality management

---

Definitions:

Movie Tickets

Certificates or electronic codes that grant the holder the right to admission for viewing a film at a cinema.

Complementarity

A relationship between two goods where the use of one increases the value or demand for the other.

Equilibrium Price

The market price at which the quantity of goods supplied is equal to the quantity of goods demanded, also known as the market-clearing price.

Supply and Demand Functions

Mathematical expressions that describe the relationship between the supply of and demand for goods or services within a market.