Elaborate Enterprise Resource Planning (ERP) Software Systems Improve Firm Efficiency

question 17

Multiple Choice

Elaborate enterprise resource planning (ERP) software systems improve firm efficiency by:

• A)allowing workforce reductions without corresponding losses in productivity
• B)making it possible to share information quickly with everyone in the industry
• C)reducing the time required to design and test new products
• D)facilitating the transfer of financial and operational data between departments and with suppliers and distributors

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Definitions:

Monopolistically Competitive Industry

In a monopolistically competitive industry, numerous firms compete against each other with differentiated products, allowing for some degree of market power and price setting.

Downward Sloping

Describes a line or curve on a graph that shows a decrease in one variable as another variable increases, commonly seen in demand curves.

Depicts

Represents or shows something in a picture or story form, often used to describe how information is visually presented.

Profits

The financial gains obtained when revenues exceed the costs and expenses incurred to operate a business.