According to the Law of Demand

question 25

Multiple Choice

According to the law of demand:

• A)the intersection of demand and supply establishes the market equilibrium point.
• B)consumers' tastes can influence the quantity demanded.
• C)there is an inverse relationship between price and the quantity demanded.
• D)"all other things held equal" is an important concept.
• E)there is a direct relationship between price and the quantity demanded.

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Definitions:

Just-In-Time (JIT) System

Broad management philosophy that reaches beyond the narrow activity of inventory control to influence the entire system of production and operations management.

Perpetual Inventory System

System that continuously monitors the amount and location of a company’s stocks.

Vendor-Managed Inventory

Process in which the producer and the retailer agree that the producer (or the wholesaler) will determine how much of a product a buyer needs and will automatically ship new supplies when needed.

Community Living Conditions

The environmental, social, and economic factors that affect the quality of life within a community.