Examlex
What are the three steps managers take to create a TQM environment?
Equilibrium Price
The selling price where the amount of products offered is equal to the amount of products consumers want to buy.
Quantity Supplied
The amount of a good or service that producers are willing and able to sell at a particular price over a specified period.
Quantity Demanded
Denotes the overall quantity of a product or service that buyers are ready and capable of buying at a certain price point during a specified timeframe.
Shortage
A situation where the demand for a product exceeds the supply available at a specific price.
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