Takt Time Is the Cycle Time Needed to Maximize Utilization

question 164

True/False

Takt time is the cycle time needed to maximize utilization of an organization's workers and equipment.

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Definitions:

Consumer Surplus

The difference between the highest amount a consumer is willing to pay and the actual price paid.

Supply Shift

A change in the quantity of a good that suppliers are willing and able to sell at each price, represented by a shift of the supply curve to the left or right.

Producer Surplus

The difference between the amount a producer is willing to accept for a good and the actual amount received from its sale.

Price Ceiling

A legal maximum price that can be charged for a product or service, typically set to protect consumers.