Examlex
What are the ways in which improved quality control reduces costs?
Equilibrium Quantity
The quantity of goods or services supplied equals the quantity demanded at the market price, achieving market balance.
Output
The cumulative quantity of products or services generated by a company, sector, or economic system within a specific timeframe.
Market
A medium that allows buyers and sellers of a specific good or service to interact in order to facilitate an exchange.
No Externality
A situation where private costs or benefits are equal to social costs or benefits, with no spillover effects on third parties.
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