Lean production________________?
Correct answer: D. All of the above
- A. combines the best features of craft and mass production
- B. has as its goal perfection
- C. pushes responsibility down the organizational ladder
- D. All of the above
Explanation
Lean production combines the flexibility of craft production with the efficiency of mass production, seeks continuous improvement toward perfection, and gives more responsibility to lower-level workers. Therefore, all three descriptions apply.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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