A Supply Chain Refers to

question 106

Multiple Choice

A supply chain refers to

• A)the set of three or more companies directly linked by one or more of the upstream and downstream flows of products,services,finances,and information from a source to a customer.
• B)the intermediaries (wholesalers,distributors,and retailers)through which the flow of products travels.
• C)the planning,implementation,and control of the flow of goods,services and information between the point of origin and the final customer.
• D)the activities involved in delivering the right product,to the right place,to the right customer,at the right time,in the right quantity,in the right condition,and at the right price.
• E)The inbound movement and storage of materials in preparation for those materials to enter and flow through the manufacturing process.

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Definitions:

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount they actually do pay.

Ice Cream

A frozen dessert made from dairy products, such as milk and cream, combined with flavors and sweeteners.

Producer Surplus

The difference between what producers are willing to accept for a good or service and what they actually receive, due to market prices.

Hamburgers

A popular food item made from ground meat, typically beef, placed inside a sliced bun and often accompanied by various toppings.