GE Operates a Company Trading Site on Which It Posts

question 97

Multiple Choice

GE operates a company trading site on which it posts its buying needs and invites bids,negotiates terms,and places orders.GE is utilizing a(n) _______________ .

• A) intranet system
• B) vendor-managed inventory system
• C) E-procurement system
• D) trading exchange
• E) router

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Definitions:

Total Surplus

The sum of consumer and producer surplus, representing the total net benefit to society from the production and consumption of a good.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service versus the total amount that they actually do pay.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service versus how much they actually receive, measured by the area above the supply curve and below the market price.

Government Tax

is a compulsory financial charge imposed by a government on individuals, organizations, or transactions to fund public expenditure.