Which of the Following Is TRUE Regarding the Steps to Reducing

question 12

Multiple Choice

Which of the following is TRUE regarding the steps to reducing setup times?

• A)The first step involves performing as much setup preparation as possible while the process/machine is operating.
• B)The cycle of steps is repeated until setup time is reduced to under a minute.
• C)The standardization of both tooling and work procedures is advantageous to setup time reduction.
• D)Move material closer and improve material handling are done before operator training.
• E)All of the above are true.

---

Definitions:

Normal Profit

The minimum level of profit needed for a company to remain competitive in the market, covering its opportunity costs.

Entrepreneur's Potential Earnings

The hypothetical income an entrepreneur could earn, considering the risks and opportunities associated with starting and running a business.

Annual Lease

A contract or agreement stipulating the rental terms of a property for one year, often specifying the rent amount, payment schedules, and other conditions.

Minimum Efficient Scale

The smallest level of production at which long-term average total costs are minimized.