Inefficiency Exists in an Economy When a Good Is

question 68

Multiple Choice

Inefficiency exists in an economy when a good is

• A)being produced with less than all available resources.
• B)not distributed fairly among buyers.
• C)not being produced by the lowest-cost producers.
• D)being consumed by buyers who value it most highly.

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Definitions:

Competitive Strategy

A long-term plan of action designed to achieve a sustainable advantage over competitors.

Cross Dock Distribution Center

A facility specifically designed for cross-docking processes, facilitating the swift transfer of goods from incoming to outgoing transportation without long-term storage.

Milk Runs

A delivery method where a single vehicle collects and delivers goods in a round trip from multiple suppliers to a single location, or vice versa, to increase efficiency and decrease transportation costs.

LTL Carrier

An LTL (Less Than Truckload) carrier transports small freight shipments that do not require the full space of a truck.