The American Society for Quality Identified Seven Key Forces That

question 46

Multiple Choice

The American Society for Quality identified seven key forces that will influence the future of quality.Which of the following is NOT one of them?

• A)21st century technology
• B)Aging population
• C)Healthcare
• D)Organizational hierarchy

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Definitions:

Long Run

In economics, refers to a period in which all factors of production and costs are variable, allowing for complete adjustment to changes.

Economic Profit

The discrepancy between the overall income and the sum of all expenses, encompassing both direct and indirect costs.

Monopolistically Competitive

A market scenario where multiple firms compete on product differentiation, price, and quality, while maintaining some degree of market power.

Product Demand

The desire and willingness to purchase a specific product, quantified by the quantity consumers are ready to buy at various prices.