When One of the Following Statements Is True

question 80

Multiple Choice

When one of the following statements is true?

• A)ERP evolved directly from MRP.
• B)ERP evolved into MRP and MRP evolved into MRP II.
• C)MRP II evolved from MRP and MRP II evolved into ERP.
• D)None of the above is true.

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Definitions:

Goods and Services

The products (goods) and activities (services) that are produced and sold to satisfy human wants and needs.

Law of Comparative Advantage

A principle that states that countries or individuals gain by producing goods for which they have a lower opportunity cost relative to other producers, leading to more efficient global resource allocation.

Economic Goods

Products or services that have a price and are consumed by individuals or groups to satisfy needs or wants.

Opportunity Cost Producer

The cost incurred by a producer when choosing one production opportunity over another, measured in terms of the benefit forgone from the alternative not chosen.