A Change in a Price of a Substitute Input for Labor

question 33

Multiple Choice

A change in a price of a substitute input for labor will cause

• A) a change in the demand for labor in the opposite direction of the price change.
• B) no change in the demand for labor.
• C) a change in the supply of labor in the opposite direction of the price change.
• D) a change in the demand for labor in the same direction of the price change.

Understand the fundamental concepts and objectives of aggregate planning in supply chain management.

Recognize the importance of flexibility in aggregate planning due to the inaccuracies in forecasts.

Identify major software vendors that provide advanced planning systems and their relevance to aggregate planning.

Comprehend the historical evolution of supply chain software and its impact on aggregate planning.

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Definitions:

Useful Information

Information that is relevant, accurate, and timely, aiding individuals or organizations in making informed decisions.

Descriptive Statement

A written document that clearly describes the characteristics or details of an item or event.

Service Revenue

Income earned by a company for performing a service rather than selling physical goods.

Salaries and Wages Expense

The total amount paid to employees for services rendered during a specific period; considered an operating expense.