In the EOQ model, if neither shortages nor quantity discounts are allowed, then the total annual cost expression can be simplified to ______.
a. the product of total annual ordering cost and total annual holding cost
b. the sum of total annual ordering cost and total annual holding cost
c. the difference between total annual ordering cost and total annual holding cost
d. the ratio of total annual ordering cost to total annual holding cost
b. the sum of total annual ordering cost and total annual holding cost
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Indicate whether the statement is true or false
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What will be an ideal response?