________________ Is Additional Inventory Kept at Various Stages of the Production

question 65

Multiple Choice

________________ is additional inventory kept at various stages of the production process to provide independence between stages to avoid work stoppages.

• A)Safety stock
• B)Buffer stock
• C)Finished stock
• D)None of these answer choices is correct.

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Definitions:

Minimum Wage

The lowest wage that employers may legally pay for an hour of work.

Labor Shortages

Labor shortages occur when employers have difficulty filling positions due to a lack of available, qualified candidates.

Equilibrium Wage Rates

The wage rate at which the quantity of labor demanded by employers equals the quantity of labor supplied by workers.

Strike

The withholding of labor services by an organized group of workers (a labor union).