dentify how changes in the external environment affect the OM strategy for a company. For instance, discuss what impact the following external factors might have on OM strategy:a$)$ Major increases in oil prices.b$)$ Water$-$ and air$-$quality legislation.c$)$ Fewer young prospective employees entering the labor market.d$)$ Inflation versus stable prices.e$)$ Legislation moving health insurance from a pretax benefit to taxable income.Part $2$a$)$ Select all of the correct impacts that major increases in oil prices might have on OM strategy below. $($Check all that apply.$)$A$.$For a producer with high energy costs, change in the competitive position.B$.$For the energy inefficient company, change in the competitive position.C$.$For a producer with high energy costs, change in the cost structure, result in higher selling prices.D$.$For the energy inefficient company, change in the cost structure, result in higher selling prices.Part $3$b$)$ Select all of the correct impacts that water$-$ and air$-$quality legislation might have on OM strategy below. $($Check all that apply.$)$A$.$Closing of numerous plants including paper mills and steel mills.B$.$Increasing production cost.C$.$Difficulty in using the specific technologies.D$.$Difficulty in predicting both the cost of production and the market demand.Part $4$c$)$ Select all of the correct impacts that fewer young prospective employees entering the labor market might have on OM strategy below. $($Check all that apply.$)$A$.$Tighter job market.B$.$Added capital investment for new equipment or processes.C$.$High unemployment rates.D$.$Change in the income of employees in the lower pay classifications.Part $5$d$)$ Select all of the correct impacts that inflation versus stable prices might have on OM strategy below. $($Check all that apply.$)$A$.$The manufacturing process stabilizes.B$.$Difficulty in predicting both the cost of production and the market demand.C$.$The OM function focuses on more standardization.D$.$Change in the income of employees in the lower pay classifications.Part $6$e$)$ Select all of the correct impacts legislation moving health insurance from a pretax benefit to taxable income might have on OM strategy below. $($Check all that apply.$)$A$.$Increase in the take$-$home pay of employees by the amount of the taxes.B$.$Decrease in the take$-$home pay of employees by the amount of the taxes.C$.$Change in the income of employees in the lower pay classifications.D$.$Operations managers get pressure to increase wages of employees in the lower pay classifications