The American Society for Quality Defines Quality As____________

question 24

Multiple Choice

The American Society for Quality defines quality as____________ .

• A) a product free of deficiencies, or the characteristics of a product or service that satisfy customers' needs
• B) a product that customers perceive as free of deficiencies
• C) any product made from error-free components
• D) a product produced according to a sacrificing design plan
• E) none of these

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Definitions:

Demand Curve

The Demand Curve is a graph showing the relationship between the price of a good and the quantity of that good that consumers are willing to purchase at each price level.

Consumer Surplus

The difference between the maximum price a consumer is willing to pay for a product and the actual price they pay.

Total Consumer Surplus

The sum of the individual consumer surpluses of all the buyers of a good in a market.

Consumer Surplus

The discrepancy between what consumers are prepared and capable of spending on a product or service and what they actually end up spending.