In Most Firms, the Group That Tracks Forecasts of Prices

question 30

Multiple Choice

In most firms, the group that tracks forecasts of prices and long term supplies of key materials is:

• A)suppliers.
• B)marketing.
• C)purchasing.
• D)accounting/finance.

---

Definitions:

Incidence

The measure or rate at which a particular phenomenon occurs, often used in the context of disease or taxation.

Perfectly Elastic

Describes a situation in which the quantity demanded or supplied reacts to the smallest change in price with an infinite amount of change in quantity.

Excise Tax

A targeted tax levied on the sale of specific goods and services, such as alcohol and tobacco, often used to discourage consumption.

Equilibrium Output

The level of production in a market where the quantity supplied equals the quantity demanded, leading to a state of balance without excess supply or demand.