Economists Suggest That a Market Can Fail If

question 154

Multiple Choice

Economists suggest that a market can fail if

• A)consumers have to pay more than they want to.
• B)no market for the product exists.
• C)producers get smaller profits than they desire.
• D)governments dictate prices.

---

Definitions:

Total Quality Management

A management approach focused on continuous improvement of processes, products, and services by involving all employees in quality-related activities.

Customer Orientation

A business strategy that focuses on creating a positive experience for customers, prioritizing their needs and satisfaction.

Factory Overhead

The total of all indirect costs involved in manufacturing a product, including expenses such as utilities, maintenance, and salaries of indirect labor.

Indirect Costs

Expenses not directly tied to a specific product or service, such as overhead costs like utilities and rent.