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Questions and Answers

What causes price fluctuations?

Only market demand

Market demand, changes in supply, economic indicators, political instability, or natural disasters (correct)

Only changes in supply

None of the above

What is the principle of demand and supply?

A concept in physics

A foundational concept in economics (correct)

A principle of marketing

A principle of social psychology

What happens to prices when the demand for a product or service surpasses its supply?

Prices typically decrease

It depends on the product or service

Prices typically increase (correct)

Prices stay the same

What happens to prices in a competitive market?

Prices tend to decrease Signup and view all the answers

What can cause a rise in prices for goods using a specific metal?

A decrease in the availability of the metal due to a strike in a mining company Signup and view all the answers

What is forward buying?

A strategy that involves buying goods or services in advance when prices are low Signup and view all the answers

How can having multiple suppliers help mitigate the risk of price volatility?

By decreasing the risk of being tied to a single source Signup and view all the answers

What is the importance of collaboration in procurement during severe price fluctuations?

To ensure the continuity of supply Signup and view all the answers

What is the purpose of negotiation in procurement during price fluctuations?

To maintain favorable prices Signup and view all the answers

What is the role of procurement professionals during price fluctuations?

To manage stakeholder relationships Signup and view all the answers

What is the benefit of identifying substitute materials during price fluctuations?

To ensure the continuity of supply Signup and view all the answers

What is the potential impact of severe price fluctuations on organizations?

Disruption in supply chain Signup and view all the answers

What is hedging in the context of procurement?

Using financial instruments to protect against price swings Signup and view all the answers

What is the purpose of negotiating long-term contracts with suppliers?

To protect against short-term market volatility Signup and view all the answers

Why is regular and transparent communication important in procurement?

To maintain good relationships with stakeholders Signup and view all the answers

What is an example of sourcing necessary components from different suppliers?

A manufacturer of electronic devices sourcing components from different suppliers across various geographical regions Signup and view all the answers