A Laboratory Comparing Its Results to Those of Other Laboratories

question 3

Multiple Choice

A laboratory comparing its results to those of other laboratories on the same specimen is an example of

• A)precision monitoring.
• B)internal quality control.
• C)external quality control.
• D)delta checks.

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Definitions:

Diminishing Returns

A principle stating that as more of a variable input is added to a fixed input, beyond some point, the additional output from the additional input will decrease.

Marginal Cost

The financial outlay required to create another unit of a good or service.

Average Total Cost

The total cost of production (fixed plus variable costs) divided by the number of goods produced, essentially the per unit production cost.

Average Variable Cost

The total variable costs (like materials and labor) divided by the quantity of output produced, indicating the cost of producing each unit.