Focusing a Supply Chain on _____ Is a Modern Way

question 16

Multiple Choice

Focusing a supply chain on _____ is a modern way of ensuring high-quality inputs and extending an organization's continuous improvement efforts.

• A)lowest cost per unit sourced
• B)close, collaborative ties with suppliers
• C)suppliers that emphasize continuous-flow production
• D)ISO 14000 customers
• E)partners pursuing similar strategies

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Definitions:

Perfectly Competitive Markets

A market structure characterized by many buyers and sellers, homogenous products, and no barriers to entry or exit, leading to optimal allocation of resources.

Monopoly Firms

Companies that have exclusive control over the supply of a product or service in a market, possibly leading to higher prices for consumers.

More Output

An economic condition or a scenario where a firm or economy increases its production of goods or services.

Monopoly Inefficiency

The loss of economic efficiency that occurs when a single firm controls the market, leading to higher prices and reduced output compared to competitive markets.