Which of the Following Statements Is False

question 86

Multiple Choice

Which of the following statements is false?

• A)The supply and demand model serves to illustrate market behavior.
• B)Supply and demand must be combined for either to be useful in explaining and predicting market behavior.
• C)Supply illustrates the behavior of firms in a market.
• D)Demand illustrates the behavior of consumers in a market.
• E)Market equilibrium is not an important element of the supply and demand model.

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Definitions:

Supply Chain Strategy

The planning and management approach to sourcing, manufacturing, and delivering products and services.

Operations

Activities involved in the day-to-day running of a business for producing and delivering products or services to customers.

Product Development Strategy

A systematic approach to creating new products or improving existing ones, aligning product designs with market demands and business goals.

Customer Needs

The requirements and desires of consumers that businesses aim to meet through their products and services.