The Term ________ Represents the Most Basic Function of Information

question 45

Short Answer

The term ________ represents the most basic function of information in the supply chain.

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Definitions:

Long Run

A period of time in economics sufficient for all markets to adjust to changes, including those of supply and demand.

Economic Profits

The total revenue of a business minus its explicit and implicit costs; a measure of incremental gain over the total costs, including opportunity costs.

Supply Curve

A graph showing the relationship between the price of a good and the quantity supplied by producers.

Long-run Equilibrium

A state in which all factors of production and outputs are variable, allowing for the adjustment of all inputs, leading to a balanced economic condition over time.