Define the Following

question 11

Essay

Define the following
-NOW

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Definitions:

Efficient Means

Methods or processes that maximize productivity and minimize waste, costs, or effort, leading to optimal performance or output.

Online Reverse Auctions

A type of auction in which sellers compete to obtain business by offering the lowest price for their goods or services, and the buyer selects from among these offers.

Price Determination

The process of setting the price of a product or service based on costs, market demand, and competitive factors.

Customized Items

Products or services that are specially designed to meet the specific requirements or preferences of a customer.