The Term Six Sigma Is Based on a Statistical Measure

question 23

True/False

The term six sigma is based on a statistical measure that equates to 4.3 or fewer errors or defects per million opportunities.

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Definitions:

Perfectly Competitive

A market structure characterized by a large number of small firms, identical products, and free entry and exit which leads to firms earning normal profits in the long run.

Monopolist

A single seller in a market, who has significant control over the price and supply of a product.

Price Per Unit

The cost assigned to a single unit of a good or service.

Marginal Revenue

The profit derived from the sale of an additional item of a product or service.