Much of the Emphasis in TQM Is on Understanding and Reducing

question 110

True/False

Much of the emphasis in TQM is on understanding and reducing variation within the process through which the product is produced,and samples of output are used in reaching inferences about the stability of the process.

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Definitions:

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay.

Marginal Utility

The extra pleasure or benefit a customer receives from purchasing an additional unit of a product or service.

Total Utility

The total satisfaction or benefit obtained from consuming a particular quantity of goods or services.

Marginal Utility

Describes the additional satisfaction or usefulness obtained from consuming one more unit of a product or service.