In the _____ Marketplace Model, EC Technology Is Used to Streamline

question 4

Multiple Choice

In the _____ marketplace model, EC technology is used to streamline the purchasing process in order to reduce the cost of items purchased, the administrative cost of procurement, and the purchasing cycle time.

• A) buy-side
• B) sell-side
• C) auctions
• D) group purchasing
• E) electronic exchange

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Definitions:

Reliability

The degree to which an assessment tool or measurement consistently produces stable and accurate results across different occasions.

Black Markets

Illicit trade practices where goods or services are exchanged illegally, bypassing governmental regulations or price controls.

Legal Markets

Markets operating within the framework of regulatory laws and norms, where transactions of goods and services occur legally.

Supply and Demand

The fundamental economic model that describes the interaction between the availability of a particular product and the desire for that product, determining its price.