ISO 9000 Is a Methodology Used for Customized Production and Avoids

question 87

True/False

ISO 9000 is a methodology used for customized production and avoids the use of standards.

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Definitions:

Public Good

An item or service that is available for all individuals to consume, regardless of who pays for it, characterized by its non-excludability and non-rivalry.

Market Demand

The overall amount of a product or service that every consumer in a market is ready and capable of buying at different price levels.

Negative Externalities

Unintended and uncompensated costs imposed by one party's actions on others not involved in the transaction.

Efficiency Loss

The loss of economic efficiency that can occur when the balance between supply and demand is not achieved, leading to potential welfare loss.