The Ability of the Process to Meet,or Exceed,its Specifications Can

question 20

Multiple Choice

The ability of the process to meet,or exceed,its specifications can be determined by:

• A)Pareto charts
• B)Cause-and-effect diagrams
• C)Histograms
• D)C_p index

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Definitions:

Derived Demand

Demand for a factor of production or input that arises from the demand for the final product it contributes to producing.

Marginal Productivity Theory

A principle in economics that suggests the payment to a factor of production (like labor or capital) corresponds to its marginal productivity, which is the additional output generated by one more unit of that factor.

Income Distribution

The way in which total income is shared among individuals or groups within a society.

Perfect Competition

A market structure characterized by a large number of small firms, identical products sold by all firms, freedom of entry and exit, and perfect information about prices and products.