While the Competition and Consumer Act 2010 (Cth) Does Not

question 23

Multiple Choice

While the Competition and Consumer Act 2010 (Cth) does not comprehensively define a 'market', the Courts usually accept the wide definition of a market as:

• A)The area of close competition or field of rivalry between businesses.
• B)A public gathering held for buying and selling merchandise.
• C)The group of consumers or organisations that are interested in product.
• D)The business of buying or selling a specific commodity.

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Definitions:

Managerial Firefighting

The act of managers constantly dealing with crises and urgent problems rather than focusing on long-term planning and preventive measures.

Concurrent Control

A management method that involves monitoring and adjusting ongoing activities and processes to meet desired standards in real-time.

TQM Principle

Total Quality Management principles focus on long-term success through customer satisfaction, involving all members of an organization in improving processes, products, and services.

Do it Right

A principle emphasizing the importance of performing tasks correctly and efficiently to achieve desired outcomes.