In Order to Understand How the Price of a Good

question 64

Multiple Choice

In order to understand how the price of a good is determined in the free market, one must account for the desires of:

• A)purchasers exclusively.
• B)sellers exclusively.
• C)governmental agencies exclusively.
• D)purchasers and sellers.

---

Definitions:

Assets Utilized

The resources and assets a company effectively uses in its operations to generate revenue.

Formulas

Prescribed sets of instructions or rules expressed in mathematical symbols and operations designed to solve problems or calculate values.

Vendor Managed Inventory (VMI)

A supply chain initiative where the supplier assumes the responsibility of managing inventory levels for the customer.

Outsourcing

The business practice of hiring a party outside a company to perform services and create goods that traditionally were performed in-house by the company's own employees and staff.