Procurement Refers to the Raw Materials,component Parts,and Supplies Bought from Outside

question 21

True/False

Procurement refers to the raw materials,component parts,and supplies bought from outside organizations to support a company's operations.

---

Definitions:

Short-Run

A period in which at least one factor of production is fixed, and firms can only adjust variable inputs.

Supply Curve

A graph illustrating how much of a product a firm will sell at different prices.

Zero-Profit Equilibrium

A situation in competitive markets wherein, due to free entry and exit, firms only earn a normal profit, which is their lowest level of profit necessary to keep them in business.

Industry Expands

The process of a sector growing in size through increased production, possibly due to higher demand or technological advancements.