In Most Firms, the Group That Tracks Forecasts of Prices

question 30

Multiple Choice

In most firms, the group that tracks forecasts of prices and long term supplies of key materials is:

• A)suppliers.
• B)marketing.
• C)purchasing.
• D)accounting/finance.

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Definitions:

Perfect Substitutes

Products or services that can be used in exactly the same way, to the extent that one can replace the other in consumption without affecting utility.

Right Angles

Angles that measure exactly 90 degrees.

Indifference Curves

Graphical representations used in microeconomics to show combinations of two goods that provide equal satisfaction and utility to a consumer.

Nickels

Coins in the United States and Canada valued at five cents, made of a cupronickel alloy.