The Overall Cycle Time in the Buying Process Has Been

question 65

Multiple Choice

The overall cycle time in the buying process has been reduced due to:​

• A)​increased usage of information technology.
• B)increased shipping times.
• C)​reduced usage of supply chain management.
• D)​reduction in postpurchase services.
• E)​maximization of mistakes in the process.

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Definitions:

Cost Functions

Mathematical representations that describe how production costs change with changes in the level of output.

Technology 2

Refers to the application of scientific knowledge for practical purposes, especially in industry, often implying the use of newer or second generation technologies.

Long-Run Cost Function

A mathematical relationship expressing the lowest cost at which a firm can produce any given level of output in the long run, when all input factors are variable.

Output

The total amount of goods or services produced by a company, industry, or economic system.