The Operations List Shows

question 18

Multiple Choice

The operations list shows

• A)the labor and machine requirements.
• B)the steps and operations in the production cycle.
• C)the time expected to complete each step or operation.
• D)all of the above

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Definitions:

Quantity Effect

The change in the quantity demanded or supplied as a result of changes in price, holding all else constant.

Price Effect

The impact on consumer demand and supply of goods or services caused by a change in the price of those goods or services.

Perfectly Elastic

Describes a situation where the quantity demanded or supplied can change infinitely with any small change in price.

Price

The total monetary value expected, obliged, or handed over in exchange for something.