Buffer of inventory can absorb variations in flow rates by acting as a source of supply for a downstream step.
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What is a buffer?</h3>
- In manufacturing, a buffer is used to account for fluctuations in the production process. Consider a buffer as a means to guarantee that your production line will continue to function normally even if unexpected circumstances arise.
- Having enough supplies on hand to ensure smooth operations is one example of a buffer in manufacturing. To help stabilize any fluctuations they encounter with their supply and demand chains, production capabilities, and lead times, manufacturers will often keep inventories of the raw materials and supplies needed for production on hand, as well as occasionally inventories of finished goods awaiting shipment.
- Without the proper buffers, manufacturing procedures may sluggish, which would result in more costs and lower profitability.
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Answer:
perfectly elastic over the relevant range of output.
Explanation:
In a perfect competition there are many firms in the market selling goods that are usually homogeneous in nature. Each individual firm will not be able to influence the price for which it offers goods and services to the customer.
The firm's are price takers and there is no barrier to entry.
This results in a situation where for all levels of quantity demanded there is no change in price, and demand curve is a horizontal line.
A business level strategy primarily details the goal-directed actions managers take in their quest for competitive advantage when competing in a single product market.
Answer
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Explanation
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