A Long-Range Forecast Would Normally Not Be Used to

question 20

Multiple Choice

A long-range forecast would normally not be used to

• A)design the supply chain.
• B)implement strategic programs.
• C)determine production schedules.
• D)plan new products for changing markets.

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Definitions:

Producer Surplus

The gap between what sellers are prepared to accept for a product or service and the real amount they end up getting.

Excess Quantity

The situation where the supply of a product exceeds the demand for it at a specific price point, leading to a surplus.

Deadweight Loss

A loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved.

Market Equilibrium

The state in which the supply and demand for a good or service are balanced, leading to a stable price.