Answer:
b.
Explanation:
Based on my experience, I can say that in regards to the information provided within the question the element that is being addressed is Facility location and layout. This is the case because since they want to expand to all the major airports they are looking for facility locations and will need to customize each layout of the facilities to match the airport requirements.
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Toyota has one of the finest production system of cars in the world.
It constinuously strives to improve its production lines and waste managements.
The waste and inefficiency are refetrred to as Muda and the company makes ongoing efforts to reduce this is known as Kaizen.
<h3>
Muda</h3>
It is a Japanese term which is used for uselessness. Toyota tries to manage and allocate its resources effectively so that its waste is limited.
<h3>
Kaizen</h3>
It is a Japanese term which means continuous improvement.
Toyota follows this technique iin its production so that its allocates optimal resources and produces minimum possible waste which leads to increased profitability.
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Answer:
In the long-run, the economy tends to favor consumers more than it favors producers.
Explanation:
This is because, in competitive market structures, firms earn economic profit only in the short-run, but in the long-run, this economic profit either disappears, or decreases substantially, because the structure of the market itself provides incentive for a dynamic flux of firms in and out of the industry, and economic profit moves along that flux: it goes up when the number of firm in the industry goes down, and it goes down when the number of firms in the industry goes up.
Managers should understand these dynamics in order to be able to forecast trends and act accordingly, mainly by developing corporate strategy that tackle the forecasted scenarios.
Finally, an example of a business affected by a fall in demand is airline companies. The airline market is very competitive even if it is dominated by a few firms due to very high barriers to entry and exit. Airline companies are constantly pressured to offer lower prices, while costs do not necessarily fall at the same rate. The recent demand shock due to the current pandemic has left most airlines in a dire condition, using up past reserves to operate, and frequently in need of government assistance.
