Reasons to Study Operations Management Include

question 114

Multiple Choice

Reasons to study Operations Management include

• A) studying how people organize themselves for productive enterprise
• B) knowing how goods and services are consumed
• C) understanding what human resource managers do
• D) learning about a costly part of the enterprise
• E) A and D

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Definitions:

Price Ceiling

A legally imposed maximum price on goods or services, intended to keep prices affordable for consumers.

Shortage/Surplus

A surplus is the opposite of a shortage, occurring when the supply of a product or service exceeds its demand in a market.

Price Floor

A government- or authority-imposed minimum price set above the equilibrium price, preventing the market price from falling below a certain level.

Market Equilibrium

A situation in a market where the quantity supplied equals the quantity demanded at a certain price point.