A Continuous Inventory System Is Also Known as a

question 73

Multiple Choice

A continuous inventory system is also known as a

• A)fixed-time period system
• B)fixed-order quantity system
• C)fixed-lead time system
• D)fixed-amount system

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Definitions:

Total Revenue

The amount a firm receives for the sale of its output.

Nash Equilibrium

A concept within game theory where no participant can gain by a unilateral change of strategy if the strategies of the others remain unchanged.

Profit-Maximizing

The process by which a firm determines the price and output level that returns the maximum profit.

Marginal Cost

The increase or decrease in the total cost that arises from producing one additional unit of a product.