The Entire System of Policies, Procedures, and Guidelines Established by an Organization

question 11

Multiple Choice

The entire system of policies, procedures, and guidelines established by an organization to achieve and maintain quality is called _____.

• A) quality control
• B) quality engineering
• C) quality assurance
• D) both quality control and quality engineering

---

Definitions:

Pure Competition

A market structure characterized by a large number of small firms, homogenous products, and easy entry and exit, leading to price-taking behavior.

Profit-maximizing

The process of adjusting production and sales to achieve the highest possible profit levels, often by analyzing costs and revenues.

Marginal Cost

The extra expense associated with manufacturing an additional unit of a product or service.

Profit-maximizing Output

The point of production where a company attains its maximum profit.