In Order to Engage in Price Discrimination, a Firm Must

question 98

Multiple Choice

In order to engage in price discrimination, a firm must be:

• A) a price setter.
• B) able to prevent resale by the customers charged a lower price.
• C) able to segment the market.
• D) All of the above are true.

Recognize characteristics and benefits of lean operations.

Understand the concept of waste in JIT and methods for its reduction.

Comprehend the role of supplier and customer relationships in JIT systems.

Analyze and apply JIT, lean, and TPS theories and practices to improve operational efficiency.

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Definitions:

Demand

The quantity of a good or service that consumers are willing and able to purchase at a given price.

Cycle Inventory

The average amount of inventory kept on hand to meet normal demand between the receipt of inventory deliveries.

Physical Inventory

The process of counting and verifying actual merchandise or stock in a business, usually for accounting accuracy and inventory management.

Supply Chain Profit

The total profit achieved by all members of a supply chain, from raw material suppliers to end retailers, through the production and sale of goods.