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Henry Ford was an inventor during the Industrial Revolution, who had ideas that many workers followed. In addition to inventing the Model T and revolutionizing the way Americans transported themselves, he also contributed by creating the assembly line. To mass produce a certain item in the most efficient manner, each worker specialized in making one part, and then would pass it along to the next worker, who would be specialized in making the next part, and so on and so forth.
Market supply is found by horizontally summing the relevant part of each individual producer's marginal cost curve.
- As a result, the firm's supply curve for the output is represented by the marginal cost curve (MC); as the price of the output rises, the firm is prepared to produce and sell a bigger quantity.
- The supply curve for the industry is created by combining the MC curves for each firm manufacturing the product.
- Producers find it increasingly lucrative to raise the quantity they offer for sale as prices rise as a result of rising demand for a commodity; as a result, the supply curve will slope upward from left to right.
Is market supply curve horizontal or vertical?
- On a graph, a market supply curve is depicted by the price of a good running vertically down one side and the quantity running horizontally down the other.
- Given that a supply curve typically slopes upward to the right.
Learn more about marginal cost curve (MC) brainly.com/question/13933442
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Answer:
is based on the concept of just-in-time.
Explanation:
Supply chain management can be defined as the effective and efficient management of the flow of goods and services as well as all of the production processes involved in the transformation of raw materials into finished products that meet the insatiable want and need of the consumers.
Generally, the supply chain management involves all the activities associated with planning, execution and supply of finished goods and services from the manufacturers to the consumers.
Additionally, all businesses tend to use supply chain management to eliminate waste and maximize value for growth and development.
Hence, supply chain management is based on the concept of just-in-time (JIT) because it is a management framework that is focused on cutting manufacturing costs while increasing efficiency between suppliers and consumers through the use of a proper inventory system.
