TQM Differs from Earlier Management Theories Because ________

question 77

Multiple Choice

TQM differs from earlier management theories because ________.

• A) low costs are viewed as the only road to increased productivity
• B) reworked production items are handled by special teams assigned to this task
• C) employee layoffs are considered acceptable provided that morale remains stable
• D) high quality and low costs are both seen as important to productivity

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Definitions:

Price-Taker Market

A market situation in which the sellers or buyers have no control over the prices at which they buy or sell goods or services.

Limited Resources

A concept in economics that refers to the finite availability of resources such as time, money, and materials, necessitating allocation decisions.

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, indicating the financial success of a business beyond breaking even.

Accounting Costs

The documented expenses and outlays involved in running a business, as recorded in its financial statements.