WEdward Deming Believed That Higher Quality Leads to Higher Costs

question 58

True/False

W.Edward Deming believed that higher quality leads to higher costs, but to even higher market share.

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Definitions:

Chili Peppers

Fruits of plants belonging to the genus Capsicum, used worldwide to add heat and flavor to dishes.

Normal Goods

Goods for which demand increases as the income of the consumer increases, and vice versa.

Substitutes

Products or services that can be used in place of each other, having the ability to satisfy similar consumer needs or preferences.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price in a given time period.