Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
Which of the following best describes the objective of every supply chain?
Which of the following best describes the objective of every supply chain?
- To increase customer satisfaction
- To maximize overall value generated (correct)
- To minimize overall costs
- To reduce production time
What is the supply chain surplus?
What is the supply chain surplus?
- The difference between the costs incurred by the supply chain and the customer's willingness to pay
- The difference between the value of the final product and the costs incurred by the supply chain (correct)
- The difference between the value of the final product and the customer's willingness to pay
- The difference between the value of the final product and its price
How can the value of the final product be estimated?
How can the value of the final product be estimated?
- By comparing it to the costs incurred by the supply chain
- By determining the maximum price the customer is willing to pay (correct)
- By analyzing market trends
- By calculating the average cost of production
What happens to the difference between the value of the product and its price?
What happens to the difference between the value of the product and its price?
Signup and view all the answers
