The Extension of MRP Which Extends to Resources Such as Labor

question 34

Multiple Choice

The extension of MRP which extends to resources such as labor hours and machine hours, as well as to order entry, purchasing, and direct interface with customers and suppliers is

• A) MRP II
• B) enterprise resource planning
• C) the master production schedule
• D) closed-loop MRP
• E) not yet technically possible

---

Definitions:

Producer Surplus

The difference between the amount a producer is willing to accept for a good or service versus what they actually receive in the market.

Wisconsin Milk Market

Refers specifically to the dairy industry and marketplace within the state of Wisconsin, known for its significant contribution to the United States' milk production.

Total Producer Surplus

The total benefit that producers receive from selling a good or service, measured as the difference between the market price and the minimum price producers are willing to accept.

Caitlin's Producer Surplus

The difference between what a producer (in this case, Caitlin) actually receives for selling a good and the minimum they would be willing to accept.