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Q. A firm uses 2008 as the base year for its financial statements. The common-size, base-year statement for 2009 has an inventory value of 1.08. This is interpreted to mean that the 2009 inventory is equal to 108 percent of which one of the following?

Q. Contemporary best-selling management books often argue that customers are the most important element in the external environment. Do you agree? In illustrate what company situations might this statement be untrue?

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