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If,in Response to an Increase in the Price of Chocolate,the

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If,in response to an increase in the price of chocolate,the quantity demanded of chocolate decreases economists would describe this as


Definitions:

Supply Chain Management

The administration of the movement of products and services encompassing every process that turns raw materials into finished goods.

Purchasing

The process of obtaining goods or services, typically for business purposes, by paying a price or agreeing to a contract.

Transportation

The action of moving people or goods from one location to another using various modes such as by road, rail, air, or sea.

Support Activities

Functions or tasks in an organization that, while not directly involved in the primary process of products or services creation, provide essential support to enhance efficiency and effectiveness.

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