Figure 16-12 
-Refer to Figure 16-12. If this firm profit-maximizes, what price will it charge?
Definitions:
Objective Rating Systems
Systems or methods used to evaluate or assess performance quantitatively, based on impartial and measurable criteria.
Evaluation
The systematic assessment of processes, systems, or organizations to measure performance, effectiveness, or value.
Rating Systems
Mechanisms or scales used to evaluate or grade a certain attribute or performance of entities, products, or services.
Supply Management
The strategic approach to planning, procuring, and managing a company's supplies and vendors to optimize efficiency and minimize costs.
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