In a Just-In-Time System, Suppliers Are Selected Primarily on the Basis

question 52

True/False

In a just-in-time system, suppliers are selected primarily on the basis of their ability to provide materials and products at the lowest possible price.

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Definitions:

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, reflecting the true financial gain of a business.

Price Discrimination

A pricing strategy where a seller charges different prices for the same product or service to different customers, not based on differences in costs.

Marginal Cost

The additional expense incurred from producing another unit of a product.

Marginal Revenue

The additional revenue that a company generates from selling one more unit of a good or service.