Figure 14-12

question 325

Multiple Choice

Figure 14-12
-Refer to Figure 14-12. If the figure in panel (a) reflects the long-run equilibrium of a profit-maximizing firm in a competitive market, the figure in panel (b) most likely reflects

• A)perfectly inelastic long-run market supply.
• B)perfectly elastic long-run market supply.
• C)the entry of firms into the industry when some resources used in production are available only in limited quantities.
• D)the fact that zero profits cannot be sustained in the long run.

Recognize the flow of products, information, and funds in a supply chain.

Comprehend the concept of supply chain surplus and customer value.

Analyze the role of various parties in managing and optimizing supply chain operations.

Understand the significance of supply chain design, planning, and operation phases.

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Definitions:

Cash Sales

Transactions in which the buyer pays the seller immediately with cash or other forms of immediate payment.

Average Collection Period

The average number of days it takes for a company to receive payments owed by its customers.

Accounts Receivable

Money owed to a business by its clients or customers for goods or services delivered but not yet paid for.

Sales

The total revenue a company generates from selling goods, services, or both, within a specific period.