Use the Following to Answer the Questions Below

question 57

Multiple Choice

Use the following to answer the questions below.
The Steele Bike Company has completed a total cost analysis for two suppliers of bicycle frames to support their business. They also consider on-time speed, top quality and customization in their selection process. Each criterion is given a weight (total = 100 points) , and each supplier is scored on each criterion (1 = poor, 10 = excellent) . The data are shown in the following table.

-Refer to the instruction above. Using the preference matrix (total weighted score) approach for selecting suppliers, which supplier should Steele select?

• A) State
• B) Acme
• C) Either is acceptable-their preference matrix scores are the same.
• D) More information is needed to make this decision.

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Definitions:

Price Expectations

Anticipations or beliefs about future prices that influence consumers' purchasing decisions and firms' production plans.

Changes in Income

Fluctuations in the amount of income earned, which can affect consumer spending and saving behavior.

Related Goods

Goods that are connected or interdependent, typically categorized as either substitutes or complements to one another.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price in a given time period.