Making Decisions as to What Will Be Purchased or Acquired

question 72

Multiple Choice

Making decisions as to what will be purchased or acquired as well as determining the logistics of when purchases will be made and how refers to which of the following Project Procurement Management processes?

• A)Plan Procurements
• B)Conduct Procurements
• C)Administer Procurements
• D)Close Procurements
• E)Plan Exit Strategy

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Definitions:

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, service, or resource.

Market Equilibrium

Market equilibrium is a condition where the quantity of a product supplied is equal to the quantity demanded, leading to a stable market price for the product.

Incidence of a Tax

The incidence of a tax refers to the distribution of the tax's economic burden among different stakeholders, such as consumers and producers.

Elasticity

A measure of how much the quantity demanded or supplied of a good responds to a change in price.