Nowadays, Successful Supply Chains Are Those That in the Face

question 15

Multiple Choice

Nowadays, successful supply chains are those that in the face of ever changing customer needs can continue to:

• A) Deliver the right combination of cost, quality, and customer service
• B) Increase the number of suppliers used
• C) Eliminate the need for performance metrics
• D) All of the above

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Definitions:

Substitutes

Products or services that can be used in place of each other, where an increase in the price of one leads to an increase in demand for the other.

Market-Clearing Level

Market-Clearing Level is the price point at which the quantity of goods supplied is equal to the quantity of goods demanded, eliminating any surplus or shortage in the market.

Quantity Supplied

The total amount of a good or service that producers are willing and able to sell at a given price over a specific period.

Quantity Demanded

The aggregate quantity of a product or service that buyers are prepared and capable of buying at a certain price point.