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In fixed time period inventory models,inventory is reordered
Indifferent
A term used in economics and decision theory to describe a situation where an individual or consumer does not prefer one option over another.
Diminishing Marginal
The principle that the marginal benefit of using or consuming one more unit of a good or service decreases as its quantity increases.
Rate
The speed at which a certain event occurs, often expressed as a quantity over time.
Substitution
The act of replacing one thing with another, especially a similar item, in response to changes in market conditions or personal preferences.
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