Final answer:
Standing orders are commitments to purchase set quantities of goods or services at specified times and prices, meeting the needs of demand schedules efficiently.
Step-by-step explanation:
The option that sets predetermined times to ship given quantities of needed products at a given price is B. Standing orders. Standing orders are a commitment to purchase set quantities of goods or services at specified times and at predetermined prices. These are different from purchase orders, which are individual orders placed each time a company wants to buy a product or service and economic order quantities which involve a calculation to minimize costs associated with ordering and holding inventory. Standing orders can help businesses manage their inventory more smoothly and ensure that they consistently have the stock needed to meet demand schedule without having to place individual orders frequently.