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Bargaining and Negotiations in Purchasing and Supply Chain Management MCQ

The profits (and/or losses) of the respective bargainers always sum to the same fixed amount is known as ?

Answer

Correct Answer: Zero-sum bargaining

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______ is the profits (and/or losses) of the respective bargainers, when added together, need not always equal the same fixed amount.

Answer

Correct Answer: Varying sum

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______ is the sales personnel promoting the product through their attitude, appearance, and specialist product knowledge; especially important when interviewing for a job.

Answer

Correct Answer: Personal selling

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____ is an economic situation when the circumstances of one individual cannot be made better without making the situation worse for another individual.

Answer

Correct Answer: Pareto optimal

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____ is the process by which a buyer and seller reach an agreement on the terms and conditions regarding the purchase of materials, equipment, or goods.

Answer

Correct Answer: Negotiation

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Three parties with areas of mutual concern and complementary interests. Is known as integration bargaining .

Answer

Correct Answer: False

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Game theory is a science of strategy, or near optimal decision-making of independent and competing_______ in a strategic setting.

Answer

Correct Answer: Decision-makers

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Distributive bargaining is the total gain from the situation that must be divided between the three parties involved, and each party usually wants as much as it can get.

Answer

Correct Answer: False

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Constant sum is a situation where payoffs add up to a constant figure for any outcome. One player’s payoff is the same for any outcome.

Answer

Correct Answer: False

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