Examlex
Which of the following describes a system in which suppliers deliver materials at the time they are needed and finished units are completed when customer orders need to be filled?
Equilibrium Price
The price at which the quantity of a good or service supplied matches the quantity demanded, leading to market balance.
Competitive Price-Taker
A firm or individual that has no influence over the market price and must accept the prevailing market price for its product or input.
Profit
The financial gain made in a transaction or operation, calculated as the difference between the revenue earned and the costs incurred.
Competitive Price-Taker
A company that lacks the authority to influence the market price and is therefore compelled to agree to the existing market price for its goods.
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