Which of the Following Is true Regarding the Steps to Reducing

question 2

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) Improved material handling and move material closer are done before operator training.
• E) All of the above are true.

---

Definitions:

Third-Degree Price Discrimination

A pricing strategy where a seller charges different prices to different consumer groups for the same product, based on their willingness to pay.

Marginal Cost Function

A mathematical expression that describes how the cost of producing one additional unit of a good or service varies with the quantity produced.

Reservation Price

The maximum amount a consumer is willing to pay for a good or service.

Elasticity of Demand

An index that determines the sensitivity of consumer demand for a product to its price change, by comparing the percent change in the amount of the good demanded with the percent change in its price.