When a Firm "Customizes" Their Supply Chain,it Is

question 22

Multiple Choice

When a firm "customizes" their supply chain,it is

• A) trying to improve asset utilization.
• B) tailoring the chain to be responsive to the needs of individual customer.
• C) responding to competitive situations.
• D) revising its supply chain in light of current economic conditions.

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Definitions:

Demand Curve

A graph that illustrates the relationship between the price of a good or service and the quantity demanded by consumers at various prices, typically sloping downward from left to right.

Cost Functions

Mathematical relationships that express how a firm’s costs depend on the quantity of output it produces.

Economic Profits

The surplus or profits generated by a firm after accounting for both explicit and implicit costs.

Fixed Cost

Expenses that do not change with the level of output produced, such as rent or salaries.