A Supply Chain

question 75

Multiple Choice

A supply chain

• A)focuses on making services available,whereas a channel of distribution focuses on making goods available.
• B)may involve many firms,but only one manufacturer.
• C)includes all the activities involved in procuring materials,transforming them into products,and distributing them to customers.
• D)is easier to coordinate than a channel of distribution.
• E)None of these answers is correct.

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Definitions:

Short Run

A time period in economics during which at least one input, such as plant size, is fixed and cannot be altered.

Profit Maximization

The procedure through which a business identifies the pricing and production volume that yields the highest earnings.

Market Price

The price at which a good or service is offered in the marketplace.

Profit Maximization

A rephrased definition: The strategy or aim of a firm to achieve the highest profit possible, usually by adjusting outputs, prices, or production costs.