TQM Became Attractive to U

question 115

True/False

TQM became attractive to U.S.managers in the 1980s after it had been successfully implemented by Japanese companies which were gaining market share and an international reputation for high quality.

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Definitions:

Long-run Equilibrium

A state in economics where all factors of production and economic agents are fully adjusted to the conditions, and no further tendency for change exists.

Competitive Price-searcher Market

A market structure where firms have some control over their selling price because their products are differentiated.

Competitive Price-searcher Market

A market where firms have some control over the price because their products are differentiated.

Average Total Cost

The sum of all production costs (both fixed and variable) divided by the amount of produced output.