A Simple Method of Determining When an Item Should Be

question 10

Multiple Choice

A simple method of determining when an item should be cycle counted is:

• A) count when the item is ordered
• B) count each time the item is picked
• C) count each item once per month
• D) count items which have been in storage for a given period of time
• E) count items which don't appear to be used often

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Definitions:

Close Substitutes

Products or services that can easily replace one another in usage or consumption.

Demand Curves

Graphs showing the relationship between the price of a good and the quantity demanded by consumers, typically downward sloping.

Price Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage change.

Demand

The quantity of a product or service consumers are willing and able to purchase at various price levels.