Management Science and Operations Research Both Involve

question 25

Multiple Choice

Management science and operations research both involve

• A) operational management skills.
• B) quantitative approaches to decision making.
• C) scientific research as opposed to applications.
• D) qualitative managerial skills.

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Definitions:

S And D Curves

In economics, the supply and demand curves which graphically represent the relationship between the quantity of goods that producers are willing to sell and consumers are willing to buy at different price levels.

Consumer Surplus

The contrast between the total price consumers are willing to pay for a good or service and the actual amount paid.

Equilibrium Point

In economics, it refers to the state where market supply equals demand, resulting in a stable price and quantity.

S And D Curves

Supply and Demand curves; graphical representations of the relationship between the quantities of goods and services that producers are willing to sell and consumers are willing to buy at various prices.