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Why should on-time performance be considered in supplier selection decisions?
Economic Profit
The surplus remaining when total revenue is greater than total cost, including both explicit and implicit costs, often indicating a company's profitability.
Purely Competitive Seller
A seller in a market characterized by many buyers and sellers, free entry and exit, homogeneous products, and perfect information.
Total Cost
The sum of all costs incurred by a business in producing a given level of output, including both fixed and variable costs.
Product Price
refers to the amount of money required to purchase a specific good or service offered by a business.
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