Operations Management Is Part of a Production System That Can

question 35

Multiple Choice

Operations management is part of a production system that can be described in the following manner: Organization: inputs→processes→outputs.
Which one of the following correctly describes a production system?

• A)airline: pilots→planes→transportation
• B)bank: tellers→computer equipment→deposits
• C)furniture manufacturer: wood→sanding→chair
• D)telephone company: satellites→cables→communication

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Definitions:

Quantity Supplied

The amount of a product that producers are willing and able to sell at a given price over a specified period of time.

Quantity Demanded

The amount of a product that consumers are willing and able to purchase at a given price at a specific time.

Excess Demand

A situation where the quantity demanded of a product or service exceeds the quantity supplied at a given price.

Quantity Demanded

The amount of a good or service that buyers are willing and able to purchase at a specific price, holding all other factors constant.