A Decision Concept That Recognizes Linkages Within the Decision System

question 92

Multiple Choice

A decision concept that recognizes linkages within the decision system is known as ________.

• A)total cost concept
• B)trade-off concept
• C)logistics platform
• D)supply-chain management
• E)systems requirements

---

Definitions:

Utility Function

A mathematical representation of how a consumer derives satisfaction or utility from consuming various amounts of goods or services.

Demand Function

A mathematical relationship that illustrates the quantity of a product or service consumers are willing to buy at various prices.

Income

The compensation received, often periodically, as a result of one’s employment or investment decisions.

Price of X

The amount of money required to purchase a unit of good X in the market.