The bottom of the supply chain contains ________ and is referred to as the ________ end of the chain.
A) finished goods; downstream
B) raw materials; upstream
C) finished goods; upstream
D) raw materials; downstream
A) finished goods; downstream
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A normal profit is
A) revenues minus opportunity cost of zero. B) revenues minus accounting cost of zero. C) a zero accounting profit. D) revenues minus accounting and opportunity cost of zero.
The more firms that are attracted to an industry, the greater will be the quantity of product supplied at any given price
a. True b. False Indicate whether the statement is true or false
Describe the intended effects of the first-time home buyer tax credits granted by Congress and many state governments in 2009 and 2010. In addition, describe in detail the unintended effect of this type of legislation
The ________ of labor in a perfectly competitive labor market is the market wage rate.
A. supply B. marginal cost of a unit C. total cost D. marginal revenue from a unit