You Are More Likely to Do-It-Yourself Than Hire a Plumber

question 32

Multiple Choice

You are more likely to do-it-yourself than hire a plumber to repair a leaky drain pipe

• A)as the tax rate on your earned income dramatically decreases
• B)if the opportunity cost of your time decreases
• C)the less knowledge and experience in plumbing repair work that you possess
• D)if you already own the specialized tools required to complete the repair work
• E)as the transaction cost of the do-it-yourself repair work increases

---

Definitions:

ERP

Enterprise Resource Planning, a software that manages and integrates a company's financials, supply chain, operations, commerce, reporting, manufacturing, and human resource activities.

SCM

Supply Chain Management is the strategic oversight of the flow of goods, money, and data from the initial supplier to the manufacturer, then through the wholesaling and retailing stages, and ending with the consumer.

CRM

Stands for Customer Relationship Management, a strategy for managing an organization's relationships and interactions with customers and potential customers.

OLTP

stands for Online Transaction Processing, a class of software programs capable of supporting transaction-oriented applications on the internet.