Use the Following Statements to Answer This Question

question 91

Multiple Choice

Use the following statements to answer this question:
I. Even though people need water to survive, the price of water is less than the price of diamonds because water is in greater supply than diamonds.
II. Suppose that the demand for corn is highly price inelastic. If every corn farmer's harvesting technologies become more efficient, the total revenue received by all corn farmers would fall.

• A) I and II are true.
• B) I is true, and II is false.
• C) II is true, and I is false.
• D) I and II are false.

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Definitions:

TQM

Total Quality Management is a management approach focused on long-term success through customer satisfaction and involves all members of an organization.

Transformational Leadership

A leadership style that inspires and motivates employees to exceed expectations by fostering significant change and personal development.

Reengineering

A process that involves the fundamental rethinking and radical redesign of business processes to achieve dramatic improvements in critical measures of performance such as cost, quality, service, and speed.

Survey Feedback

A method of gathering information and insights from respondents about a particular subject, which is then used for analysis, decision-making, or measuring satisfaction and performance.