Buy Classes Refer to the Three Types of Organizational Buying

question 146

Multiple Choice

Buy classes refer to the three types of organizational buying situations:

• A) buy, lease, and rent.
• B) new buy, make, and reprocess.
• C) manufacturing contracts, consulting contracts, service contracts.
• D) new buy, straight rebuy, and modified rebuy.
• E) new buy, refurbish, and used buy.

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Definitions:

Extraction Costs

The expenses associated with the removal of raw materials from the earth, such as labor, energy, and equipment costs.

Rare Earth Metals

Rare earth metals are a group of seventeen elements used in the manufacture of a variety of advanced technological devices, characterized by their scarcity and unique electronic properties.

Supply Curve

represents the relationship between the price of a good or service and the quantity of that good or service that suppliers are willing to offer for sale, holding all else constant.

Quantity Supplied

The total amount of a good or service that producers are willing and able to sell at a given price in a given time period.