In Reality,demand and Prices Are Highly Uncertain and Are Likely

question 40

True/False

In reality,demand and prices are highly uncertain and are likely to fluctuate during the life of any supply chain decision.

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Definitions:

True Cost

Encompasses all the economic, environmental, and social costs associated with the production and consumption of a good or service.

Resource

Raw materials, labor, capital, and other inputs used in the production of goods and services.

External Benefits

Benefits of a good or service that are not captured by the market price and are received by third parties.

Competitive Market

A market structure characterized by many buyers and sellers, free entry and exit, and products that are similar but differentiated.