Control Is the Activity of Ensuring Conformance to the Requirements

question 40

True/False

Control is the activity of ensuring conformance to the requirements and taking corrective action when necessary to correct problems and maintain stable performance.

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Definitions:

Price

The amount of money required to purchase a good or service.

Positive Externality

A benefit that is enjoyed by a third-party as a result of an economic transaction, without them necessarily being involved in the transaction.

Marginal Social Benefit

Sum of the marginal private benefit plus the marginal external benefit.

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded.