Control That Gives Managers Information About Customers' Reactions to Goods

question 81

Multiple Choice

Control that gives managers information about customers' reactions to goods and services so that corrective action can be taken if necessary,is known as:

• A)concurrent control
• B)control system
• C)feedback control
• D)feedforward control
• E)behaviour control

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Definitions:

Marginal Cost

The additional total expense incurred from producing one more unit of a product or service.

Free Entry

A market condition where firms can freely enter or exit the industry without facing significant barriers to entry.

Wheat

A cereal grain that is a staple food in many parts of the world, used to make products like bread, pasta, and pastry.

Monopolistically Competitive

Describes a market structure in which many firms sell products that are similar but not identical, allowing for some degree of market power.