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The New Business (Scenario)

question 71

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The New Business (Scenario)
Nada has started on her own children's clothing manufacturing company. She is a bit nervous but is confident that the compa succeed. Nada plans to implement a total quality management program in her company. To launch the program, she develop of training workshops for her managers.
-The first training workshop explains the background of total quality management. Which of the following quality experts is Nada most likely to include in this workshop?


Definitions:

Demand Curve Elastic

A characteristic of the demand curve where the quantity demanded by consumers changes significantly as a result of price changes.

Total Revenue

Total revenue is the total amount of money received by a firm from selling its goods or services before any expenses are deducted.

Price Elasticity

A measure of how sensitive the quantity demanded of a good is to a change in its price.

Demand Curve

A graph representing the relationship between the price of a good and the quantity demanded by consumers, typically downward sloping, indicating an inverse relationship between price and quantity demanded.

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