It Is True That Just-In-Time (JIT) Processing

question 16

Multiple Choice

It is true that Just-in-time (JIT) processing:

• A) runs the risk of interruptions in supply.
• B) is only suitable for large businesses.
• C) reflects a 'push' approach to manufacturing.
• D) sounds good in theory but doesn't work in practice.

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Definitions:

Marginal Value Curve

A curve showing how the value or utility of consuming an additional unit of a good changes as the quantity consumed changes.

Price

The sum of money anticipated, needed, or provided in exchange for something.

Oligopsony Market

A market form in which the number of buyers is small while the number of sellers in theory could be large, giving the buyers significant control over prices and terms.

Buyers

Individuals or entities that purchase goods or services for personal use or for resale.