Which of the Following Statements Best Describes the Distinction Between

question 168

Multiple Choice

Which of the following statements best describes the distinction between production management and operations management? Production management involves the activities managers perform to:

• A)help create intangible products while operations management involves the activities managers perform to produce tangible products.
• B)obtain physical resources while operations management involves the activities managers perform to obtain the financial resources.
• C)help create services while operations management involves the activities managers perform to produce goods.
• D)help create goods while operations management is a broader term that involves the activities involved in producing services as well as goods.

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Definitions:

Elastic

A term used in economics to describe a situation where the quantity demanded or supplied of a good is sensitive to changes in its price.

Price Elasticity

An indicator showing the demand for a good's responsiveness to its price alterations.

Consumer Purchases

Transactions in which individuals buy goods or services for personal use or consumption.

Elastic Demand

A market condition where the quantity demanded of a good or service significantly changes in response to changes in its price.