The Radical Redesign of Business Processes to Achieve Major Gains

question 3

Multiple Choice

The radical redesign of business processes to achieve major gains in cost,service,or time is called

• A) total quality management.
• B) reengineering.
• C) management by objectives.
• D) action planning.
• E) statistical process control.

---

Definitions:

Long Run

The time period in which all inputs can be varied.

Excise Tax

A tax levied on specific goods, services, or activities, often aimed at discouraging certain behaviors (like smoking) or generating revenue from specific sectors.

Tax Wedge

The tax wedge is the difference between what consumers pay and what producers receive for a good or service due to taxation, affecting supply and demand.

Inelastic Supply

A situation where the quantity supplied of a good or service is relatively unresponsive to changes in its price.