The Market Mechanism May Best Be Defined as

question 63

Multiple Choice

The market mechanism may best be defined as

• A)The use of market prices and sales to signal desired output.
• B)The use of market signals and government directives to select economic outcomes.
• C)The process by which the production possibilities curve shifts inward.
• D)Price regulation by government.

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Definitions:

Statistical Control

The use of statistical methods to monitor and control a process to ensure that it operates at its full potential, producing consistent, conforming products with minimal waste.

Design Specifications

Detailed descriptions of the materials, dimensions, and quality standards necessary to build a product.

X-bar Charts

A statistical tool used in quality control to track the average of a process over time, helping to identify trends or changes in the process.

Sampling Attributes

The characteristics or features of items in a sample that are measured or identified during quality control processes.