What Are the Two Dimensions That Help in Defining the Quality

question 18

Multiple Choice

What are the two dimensions that help in defining the quality of a product of quality?

• A) Product quality and process quality.
• B) Market-perceived quality and performance quality.
• C) Product quality and service quality.
• D) Actual quality and assumed quality.
• E) Absolute quality and relative quality.

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Definitions:

Demand

The desire for a particular product or service coupled with the ability and willingness to pay for it.

Perfectly Elastic

A situation in economics where the quantity demanded or supplied responds infinitely or vastly to any change in price.

Elasticity Measures

These are metrics used in economics to assess how the quantity demanded or supplied of a good changes in response to changes in price or other factors.

Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, with elasticity greater than one indicating a high responsiveness.