Inventory Management Systems That Are Designed to Make the Process

question 220

Multiple Choice

Inventory management systems that are designed to make the process of reordering and receiving products as simple as possible are referred to as

• A) order replenishment systems.
• B) quick response systems.
• C) customer logistics factors.
• D) minimum-inventory systems.
• E) web-based response systems.

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Definitions:

Consumer Surplus

The variance between the sum consumers are ready and financially able to spend on a product or service and the sum they actually spend.

Excise Tax

A tax levied on specific goods or services, such as alcohol, tobacco, and gasoline.

Elastic Supply

A situation where the quantity supplied of a good changes significantly in response to changes in its price.

Elastic Demand

a situation where the quantity demanded of a good or service significantly changes in response to a change in price.