When Implemented as a Comprehensive Operations Strategy, JIT, TPS, and Lean

question 70

True/False

When implemented as a comprehensive operations strategy, JIT, TPS, and lean systems sustain competitive advantage and result in increased overall returns.

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Definitions:

Equilibrium Price

The market price at which the quantity of goods supplied is equal to the quantity of goods demanded, also known as the market-clearing price.

Shortage

A scenario in which the need for a product surpasses the amount available at a particular price.

Quantity Demanded

The total amount of goods or services that consumers are willing and able to purchase at a given price level in a given period.

Equilibrium

A state in which market supply and demand balance each other, resulting in stable prices.