After Need Recognition, a Business Develops ________ That Suppliers Might

question 108

Multiple Choice

After need recognition, a business develops ________ that suppliers might use to develop their proposals.

• A)derived demand
• B)initiator instructions
• C)determinant attributes
• D)product specifications
• E)focal alternatives

---

Definitions:

Production Function

A mathematical representation of the relationship between inputs (like labor and capital) and the maximum output that can be produced with those inputs.

Profit-maximizing Quantity

The level of output at which a firm achieves the greatest profit, determined when marginal revenue equals marginal costs.

Profit-maximizing Quantity

The quantity of a product that results in the highest possible profit for the producer, determined by the point where marginal cost equals marginal revenue.

Production Function

A mathematical relation that describes the maximum output of a good derived from different combinations of factors of production.