Total Quality Management Involves All Employees,regardless of Their Function,in Continual

question 76

True/False

Total quality management involves all employees,regardless of their function,in continual quality improvement efforts.

---

Definitions:

Cost-output Elasticity

A measure of the responsiveness of the cost of production to a change in the level of output, indicating how costs change as production scales.

Economies of Scale

Refers to the cost advantage that arises with increased output of a product, where fixed costs are spread out over more units of output.

Economies of Scope

Cost advantages that enterprises obtain due to a broader scope of operations, often through producing a variety of products rather than specializing in just one.

Marginal Products

The extra output obtained by utilizing an additional unit of a specific input while keeping all other inputs unchanged.