Which of the Following Industry Types Have High Expected Benefits

question 6

Multiple Choice

Which of the following industry types have high expected benefits from the application of MRP?

• A) Fabricate-to-stock
• B) Fabricate-to-order
• C) Assemble-to-stock
• D) Continuous process
• E) Service and repair parts

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Definitions:

Quotas

Quantitative limits set by governments on the amount of specific goods or services that can be imported or exported during a specified time frame.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually do pay.

Quota Rights

Licenses or permissions issued by a government that allow specific quantities of goods to be imported or exported.

Economic Welfare

The overall well-being and standard of living of people in terms of the quantity and quality of goods and services available to them.