Which One of the Following Is a Characteristic of an Efficient

question 23

Multiple Choice

Which one of the following is a characteristic of an efficient and effective supply chain management?

• A) Decrease threat of new entrant to market place
• B) Increase its own power as supplier
• C) Decrease threat of substitute products and services
• D) All of these

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Definitions:

Elastic Demand

Describes a situation where the quantity demanded of a good or service significantly changes in response to changes in its price.

High Tariffs

Elevated taxes imposed on imported goods and services to protect domestic industries or to generate revenue.

Unionized Sectors

Industries or sectors where workers are members of a union, which negotiates wages, working conditions, and other employment terms on their behalf.

Inflation

The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling.