According to the ________, There Is a Point at Which

question 10

Multiple Choice

According to the ________, there is a point at which investment in quality improvement will become uneconomical.

• A) Deming value chain
• B) contingency theory
• C) Juran cost-benefit analysis
• D) Garvin quality matrix
• E) law of diminishing marginal returns

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Definitions:

Average Total Costs

dividing the total production costs by the quantity of produced units gives the cost for each unit.

Short Run

A period in which at least one factor of production is fixed, limiting the ability of a business to fully adjust to changes in market conditions.

Economic Profit

The differentiation between a business entity's gross revenue and its comprehensive costs, factoring in both explicit and implicit expenses.

Purely Competitive

Describes a market structure where many firms sell identical products, and no single seller can influence the market price.