E-Procurement Shaves Transaction Costs and Results in More Efficient Purchasing

question 70

True/False

E-procurement shaves transaction costs and results in more efficient purchasing for both buyers and suppliers,and it also reduces the time between order and delivery.

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Definitions:

Price Elasticity

An evaluation of how shifts in a good's price affect the quantity of it demanded.

Slope

In mathematics, the rate at which a line or curve inclines or declines, calculated as the ratio of the vertical change to the horizontal change between two points on the line.

Demand Curve

A graph showing the relationship between the price of a product and the quantity of the product that consumers are willing and able to purchase at various prices.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price level within a certain period.