A Surplus Occurs Whenever

question 18

Multiple Choice

A surplus occurs whenever

• A)current price is greater than equilibrium price
• B)quantity supplied exceeds quantity demanded at the equilibrium price
• C)quantity demanded is greater than quantity supplied
• D)the problem of scarcity of a good is solved
• E)some buyers would be willing and able to pay even more for it than they have to at equilibrium

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Definitions:

Processed Further

Processed Further describes materials or products that undergo additional manufacturing or development stages to add value before final sale.

Manufacturing Cycle Efficiency

A measure of the efficiency of the production process, calculated as the ratio of value-added time to the total cycle time.

Non-value-added Time

Time that does not contribute directly to the final value or quality of the product or service, often seen as a target for reduction in process improvement efforts.

Throughput Time

The elapsed time from when production is started until finished goods are shipped.