Question

an efficient consumer response system is a(n) multiple choice computer program that allows even the smallest manufacturer to manage its inventory system. inventory management system that is designed to make the process of reordering and receiving products as simple as possible. exclusive contractual agreement between delivery services such as fedex or ups to deliver expedited orders at a special low rate, regardless of the day and time. online virtual inventory storage program that allows firms to enter in minute-by-minute information in order to avoid stockouts due to unforeseen environmental forces. order replenishment system that maintains a 10 percent inventory rate at all times in order to guarantee there will never be stockouts.

Answer 1

An efficient consumer response system is an inventory management system designed to optimize the process of restocking and product receipt, facilitating better overall market efficiency.

Step-by-step explanation:

An efficient consumer response system is an inventory management system that is designed to make the process of reordering and receiving products as simple as possible. The core idea behind such a system is to improve the efficiency in the demand and supply model of a business, ensuring the economy gets maximum benefit from its scarce resources, and all possible gains from trade are achieved.

Within this framework, concepts like consumer surplus, producer surplus, and social surplus play a significant role in assessing market efficiency. For example, considering a market for tablet computers, where equilibrium is achieved at a price that reflects both consumer willingness to pay and producer costs, the demand curve illustrates consumer surplus as the area where consumers would have been willing to pay more than the equilibrium price.