Cause and Effect Diagram (Choose the Most Inclusive Answer

question 67

Multiple Choice

Cause and effect diagram (choose the most inclusive answer.)

• A)is also referred to as Show cause diagram
• B)is also referred to as fishbone diagram
• C)is also referred to as opportunity flow diagram
• D)is one of the analytical tools in DMAIC analysis
• E) B and D

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Definitions:

Price Fixing

An agreement among competitors to set the price of a product or service, rather than allowing it to be determined through free market competition.

Reaction Function

Describes how one player's strategic decision in a game or market scenario is influenced by the decisions of other players, effectively mapping out a player's optimal responses.

Profit-maximizing Output

The level of production at which a firm's marginal cost equals its marginal revenue, leading to the highest possible profit.

Cournot Model

A model of oligopoly in economics where competing firms simultaneously and independently decide on the quantity of production, leading to a strategic interaction.