Kim Is Implementing the Concept of Total Quality Management Within

question 70

Multiple Choice

Kim is implementing the concept of total quality management within her company. The results she expects include ________.

• A)a higher standard of products and increased cost savings
• B)higher prices for products due to the extra process involved
• C)a one-time product improvement unlikely to reproduce
• D)a limited presence in the global marketplace

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Definitions:

Capital

Resources, such as funds, equipment, and buildings, that are used in the production of goods and services.

Labor

Refers to the human effort, both physical and mental, used in the production of goods and services.

Isocost Line

A graph that shows all combinations of capital and labor that can be purchased for a given total cost.

Price of Capital

The cost of using capital goods in production, often reflected in interest rates or rental costs.