Operations and Supply Chain Management Is Defined as the Design

question 36

True/False

Operations and supply chain management is defined as the design, operation, and improvement of the systems that create and deliver the firm's primary products and services.

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Definitions:

Surplus

A situation where the quantity of a good or service supplied exceeds the quantity demanded at the current price, often leading to a decrease in price.

Quantity Supplied

The aggregate supply of a good or service that manufacturers intend to sell, contingent upon a particular price level within a set period.

Quantity Demanded

The complete volume of a good or service that individuals intend to acquire at a predetermined price within a set period.

Shortage

A situation in which the demand for a good or service exceeds its supply in a market.