JIT Concepts That Are Applicable to Service Organizations Include Use

question 41

True/False

JIT concepts that are applicable to service organizations include use of multifunction workers.

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Definitions:

Supply

The total amount of a specific good or service that is available to consumers at current prices.

Supply Curve

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

Inelastic

Describing a situation in which the demand or supply of a good or service is relatively unresponsive to changes in price.

Demand

The amount of a product or service that customers can and are willing to buy at different price levels over a specified time.