There Are Three Main Files Kept in MRP Systems

question 14

Multiple Choice

There are three main files kept in MRP systems. Determine which file is being described.This file details where the part is kept.

• A) Item master file
• B) Location file
• C) Transaction file

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Definitions:

Substitution Effect

The change in the quantity demanded of a good that results from a change in price, making the good more or less expensive relative to other goods.

Consumer Behavior

The study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs.

Equilibrium

A state where supply and demand balance each other, and as a result, prices become stable.

MU/P

Marginal Utility per Price, a concept in economics that represents the additional utility or satisfaction obtained per unit of expenditure.