A Quality Circle Is

question 93

Multiple Choice

A quality circle is

• A) An approach for the use of control charts
• B) An award for quality improvements
• C) An inspection stamp found on meat
• D) A team of volunteer production employees and their supervisors who meet regularly to solve quality problems
• E) A symbol used on flow charts

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Definitions:

Elastic

A characteristic of a good or service that indicates a greater than proportional change in quantity demanded or supplied in response to price changes.

Inelastic

Describes demand or supply that is relatively unresponsive to price changes, meaning quantity demanded or supplied changes little when price changes.

Unitary Elasticity

A situation where a one percent change in the price of a product results in a one percent change in the quantity demanded.

Federal Excise Tax

A tax imposed by the federal government on the sale of specific goods and services, such as gasoline, cigarettes, and alcohol.