The Continuous Process of Measuring the Standards Set by an Organisation's

question 56

Multiple Choice

The continuous process of measuring the standards set by an organisation's most effective and efficient competitors is known as:

• A) Six Sigma
• B) continuous improvement
• C) benchmarking
• D) total quality management
• E) quality circles.

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Definitions:

Marginal Revenue

The surplus earnings obtained from the sale of one extra unit of a product or service.

Total Revenue

The overall income generated by a business from its sales activities, calculated by multiplying the price of goods by the quantity sold.

Nondiscriminating Monopolist

A monopolist who charges all consumers the same price for a product, unlike a price-discriminating monopolist who charges different prices.

Marginal Revenue

The additional income earned by selling one more unit of a product or service, reflecting the incremental increase in total revenue.