According to the Manufacturing-Based Definition of Quality

question 93

Multiple Choice

According to the manufacturing-based definition of quality:

• A) quality is the degree of excellence at an acceptable price and the control of variability at an acceptable cost.
• B) quality depends on how well the product fits patterns of consumer preferences.
• C) even though quality cannot be defined, you know what it is.
• D) quality is the degree to which a specific product conforms to standards.
• E) quality lies in the eyes of the beholder.

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Definitions:

Long-Run Supply Curve

As it applies to macroeconomics, a supply curve for which price, but not real output, changes when the demand curves shifts; a vertical supply curve that implies fully flexible prices.

Perfectly Elastic

Describes a situation in which the quantity demanded or supplied changes infinitely with any change in price.

Pure Competition

A market structure characterized by a large number of buyers and sellers dealing in perfectly substitutable goods or services.

Market Entry

Refers to the process or strategy employed by an organization to start selling its products or services in a new market or industry segment.