Assume There Is a Shortage in the Market for Digital

question 157

Multiple Choice

Assume there is a shortage in the market for digital music players. Which of the following statements correctly describes this situation?

• A)The demand for digital music players is greater than the supply of digital music players.
• B)Some consumers will be unable to obtain digital music players at the market price and will have an incentive to offer to buy the product at a higher price.
• C)The price of digital music players will rise in response to the shortage; as the price rises, the quantity demanded will increase and the quantity supplied will decrease.
• D)The shortage will cause an increase in the equilibrium price of digital music players.

Understand the role of employees, management, and systems in quality improvement.

Recognize the need for continuous improvement in both product and service quality.

Understand the importance of data and feedback in TQM practices.

Distinguish between different control types and their applications in TQM.

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Definitions:

Prior Restraint

A government action that prohibits speech or other expression before the speech happens, based on the anticipation of harm.

Right Of Privacy

The concept that one's personal information is protected from public scrutiny and the government cannot invade it without a compelling need.

Supreme Court

The highest judicial court in a country or state, which has the ultimate authority to adjudicate in disputes, interpret the constitution, and laws.

Constitution

The fundamental principles and established precedents according to which a state or other organization is governed.