In a PERT Network, the Sequence of Events and Activities

question 8

Multiple Choice

In a PERT network, the sequence of events and activities requiring the longest period of time to complete is known as the ________.

• A) critical chain
• B) critical plan
• C) critical chart
• D) critical path
• E) critical incident

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Definitions:

Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating how sensitive consumers are to price changes.

Price Discrimination

The strategy of selling the same product or service at different prices to different groups of consumers, based on their willingness or ability to pay.

Profits

The financial gain obtained when revenues from sales exceed the costs associated with production and selling the goods or services.

Perfect Price Discrimination

The price discrimination that results when a monopolist charges each consumer the maximum that the consumer is willing to pay.