Which of the Following Describes a System in Which Suppliers

question 86

Multiple Choice

Which of the following describes a system in which suppliers deliver materials at the time they are needed and finished units are completed when customer orders need to be filled?

• A)Supply chain management
• B)Just-in-time (JIT)management
• C)Enterprise resource planning (ERP)
• D)Total quality management (TQM)

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Definitions:

Demand Curve

A diagram that illustrates the connection between a product's cost and the amount of it consumers want to buy at various prices.

Substitution Effect

The change in the consumption pattern of goods or services due to a change in their relative prices, causing consumers to replace more expensive items with cheaper alternatives.

Income Effect

The change in the quantity demanded of a good resulting from a change in consumer income, holding prices constant.

Inelastic Demand

A situation where the demand for a product does not significantly change with a change in price.