A Document Sent by the Purchasing Department to Order a Specific

question 46

Multiple Choice

A document sent by the purchasing department to order a specific quantity of goods or services is called a:

• A)Vendor invoice
• B)Purchasing report
• C)Purchase order
• D)Purchase requisition

---

Definitions:

Market Price

The present rate at which a service or asset is available for purchase or sale in a market.

Average Variable Cost

The total variable cost divided by the number of units produced.

Long-run Supply Curve

A graphical representation showing the relationship between price and quantity supplied over a period long enough for all inputs to be adjusted.

Short-run Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that producers are willing to supply in the short run.