If Ferdinand Prefers a Big Mac to a Whopper and a Whopper

question 94

Multiple Choice

If Ferdinand prefers a Big Mac to a Whopper and a Whopper to a hotdog,but is indifferent between a Big Mac and a Quarter Pounder he must

• A)prefer a Quarter Pounder to a hotdog.
• B)prefer a Whopper to a Quarter Pounder.
• C)be indifferent between a Quarter Pounder and a Whopper.
• D)be indifferent between a Whopper and a hotdog.

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Definitions:

Just-In-Time

An inventory strategy companies use to increase efficiency and decrease waste by receiving goods only as they are needed in the production process.

Procurement Process

The series of activities undertaken by an organization to acquire goods or services.

Iron Ore

A rock or mineral from which iron can be extracted for commercial use, typically the primary input in steelmaking.

Sourcing Decision

The process of selecting suppliers to provide goods or services needed by a business.