JIT II in the Retail and Service Industries Is More

question 120

True/False

JIT II in the retail and service industries is more commonly called efficient customer response.

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Definitions:

Public Goods

Goods or services that are non-excludable and non-rivalrous, meaning they are freely available to all and used by one person does not reduce availability to others.

Positive Externality

A benefit received by a third party resulting from an economic transaction in which they were not involved.

Public Good

An offering of goods or services to society's members at no cost, supplied by the government or private parties, aiming not to generate profit.

Private Good

A product or service that is excludable and rivalrous, meaning its consumption by one individual prevents its consumption by another.