Supply Strategies That Are Based on Changes in Demand and Supply

question 10

Multiple Choice

Supply strategies that are based on changes in demand and supply are known as:

• A)assurance-of-supply strategies.
• B)risk-management strategies.
• C)cost-reduction strategies.
• D)environmental-change strategies.
• E)supply chain support strategies.

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Definitions:

Producer Surplus

The difference between what producers are willing to accept for a good or service and what they actually receive, due to the market price being higher.

Wooden Furniture

Furniture made from wood materials, valued for its aesthetic appearance, durability, and the warm atmosphere it brings to spaces.

Domestic Price

The price of goods or services within a country’s borders, as opposed to international or foreign prices.

Export

The selling of goods or services produced in one country to buyers in another country.