When Market Failures Occur

question 346

Multiple Choice

When market failures occur,

• A) the invisible had will correct for the market failures.
• B) the price system will correct the market failures.
• C) people will reduce their consumption.
• D) the government can step in to correct the market failure.

Comprehend the role of customer demand in push and pull systems.

Understand the effects of lean manufacturing on inventory management.

Grasp the concept and implications of lean manufacturing on employee roles and expertise.

Know the accounting entries specific to a lean environment.

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Definitions:

Guaiac Test

A diagnostic test used to detect hidden (occult) blood in the stool, an important screening tool for colorectal cancer.

Melena

The medical term for black, tarry feces, indicating the presence of digested blood in the gastrointestinal tract, usually from an upper GI bleed.

Constipation

A condition characterized by infrequent bowel movements or difficulty in passing stool, often leading to discomfort and bloating.

Abdominal Hysterectomy

A surgical procedure to remove a woman's uterus through an incision in the abdomen.