Rodrigo Tools,concerned About Its Loss of Market Share in Previous

question 166

Multiple Choice

Rodrigo Tools,concerned about its loss of market share in previous years,has recently implemented several programs to encourage prompt and courteous customer service,employee self-management,and better coordination with suppliers.Rodrigo Tools is making an effort to achieve

• A) a quality concern focus.
• B) total quality management.
• C) total quality commitment.
• D) total quality development.
• E) quality improvement planning.

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Definitions:

Annual Lease

A contract specifying the terms under which one party agrees to rent property owned by another party for a period of one year.

Normal Profit

The minimum amount of earnings that entrepreneurs must achieve to cover the cost of operating, essentially the breakeven point beyond which a business earns profit.

Implicit Costs

Indirect expenses related to business operations, such as opportunity costs, not directly paid out in cash.

Economic Profits

The excess of total revenue over total costs, including both implicit and explicit costs.