Which of the Following Statements Is True

question 23

Multiple Choice

Which of the following statements is true?

• A) ISO is Greek for "unacceptable."
• B) ISO 9000 sets guidelines for quality management procedures.
• C) ISO 9000 is accepted more in Japan than in the United States or Europe.
• D) ISO 14000 is a system used to notify customers who have purchased unsafe products from manufacturers in foreign nations.
• E) Although ISO 9000 was popular in the early 1990s, it has been replaced with ISO 20000.

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Definitions:

MC = MR

This refers to the point where Marginal Cost equals Marginal Revenue, often used as a condition for profit maximization in economic theory.

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, reflecting the total financial gain of a business beyond breaking even.

Perfect Competitors

Entities in a market where no single buyer or seller has the power to influence the market price due to the industry's homogeneous nature and the presence of many participants.

ATC

Average Total Cost, which is calculated by dividing the total cost of production by the quantity of output produced.