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The Chartered Institute of Procurement and Supply (CIPS) L4M5 exam is one of the challenging and advanced certification exams for professionals who work in the procurement and supply chain management field. The L4M5 is also known as Commercial Negotiation, which is a vital skill for procurement professionals to master. L4M5 Exam focuses on providing advanced techniques and knowledge required for negotiating commercial deals effectively. The test is centered on increasing the capacity of candidates to master various negotiation techniques, as well as to apply the knowledge they have gained to real-world procurement scenarios.
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NEW QUESTION # 28
One difference between perfect competition and monopolistic competition is that...?
Answer: D
Explanation:
Explanation
Monopolistic competition exists in market where there are many competing producers but they will try to use product differentiation. Although their products may be very similar, their ability to differentiate means that they can act as monopolies in short run, irrespective of the actions of their competitors.
In perfect competition, there are no barriers to entry to the market or exit from the market. In monopolistic competition, there tend to be fewer barriers to entry or exit in these markets than in oligopolistic markets, but it doesn't mean that there are absolutely no barriers to entry in monopolistic competition.
In perfect competition, the demand curve is perfectly elastic, which means that it will be horizontal.
Otherwise, in monopolistic competition market, the demand curve will have normal downward slope.
LO 2, AC 2.2
NEW QUESTION # 29
A garden furniture supplier who is currently in negotiations for a high-value contract has offered the procurement manager a visit to their site. The supplier suggests that during this visit, they can undertake the contract negotiation. What would be an appropriate response from the procurement manager?
Answer: D
Explanation:
Negotiating at the supplier's site can give the supplier a psychological advantage due to their familiarity with the setting. To ensure a neutral and balanced negotiation environment, it's preferable to conduct negotiations in a neutral location or through structured channels, as recommended in CIPS's guidance on negotiation settings.
NEW QUESTION # 30
In general, which of the following is the consequence of a flatter demand curve?
Answer: C
Explanation:
Elasticity refers to the responsiveness of quantity demanded or quantity supplied to a change in price or another factor.
In microeconomic graphs, elasticity and inelasticity can be shown by the slope of the demand curve. If a demand curve is almost horizontal, then the product pricing can be described as very elastic. If a demand curve is almost vertical, then the product pricing can be described as very inelastic.
The formulae of elasticity:
Text Description automatically generated with low confidence
Table Description automatically generated with medium confidence
LO 2, AC 2.2
NEW QUESTION # 31
In which of the following scenarios could you adopt a distributive-based negotiation approach?
Answer: B
NEW QUESTION # 32
'What specific tests do you carry out to ensure quality is achieved?' This is an example of which type of negotiation question?
Answer: C
Explanation:
Explanation
The question requires more detailed answer, it is an example of probing question.
Probing questions are typically follow-up questions, and aim to elicit more detailed information on the back of the answer elicited from theopen questions. Probing question are also useful to check that the supplier fully understand their offering, as well as your needs, can also be used to communicate to the suppliers that you know this category well.
LO 3, AC 3.3
NEW QUESTION # 33
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