WEdwards Deming Stressed Improved Quality as a Means of Improving

question 11

Multiple Choice

W.Edwards Deming stressed improved quality as a means of improving a company's

• A) efficiency and profits.
• B) product flow.
• C) reputation.
• D) customer base.

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Definitions:

Average Fixed Cost

The total fixed costs of production divided by the quantity of output produced, illustrating how fixed costs per unit change with output levels.

MC

Marginal Cost, the cost of producing one additional unit of a good.

ATC

Average Total Cost, which is the total cost of production divided by the quantity of output produced.

AVC

Average Variable Cost; the per unit variable cost associated with producing a good or service.