In a Small Business, Inventory Management Is Important Because

question 22

Multiple Choice

In a small business, inventory management is important because:

• A) inventory variety is usually the key to success.
• B) otherwise employees will not be happy.
• C) customers will stop coming in to make purchases if the inventory is not well-managed.
• D) generally there are limited economic resources.

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Definitions:

Market Supply

The total amount of a specific good or service that is available to consumers, determined by the sum of all individual suppliers' products in the market.

Long Run

A period sufficient for all inputs, including physical capital and labor, to be adjusted in the production process.

Industry Supply Curve

A graphical representation that shows the relationship between the price of a good and the total output of the industry over a period of time.

Marginal Cost Curves

Graphs that depict the cost of producing one additional unit of a good or service, typically showing how costs vary with production volume.