The Only Dimension Needed to Measure Quality Is Its Conformance

question 2

True/False

The only dimension needed to measure quality is its conformance to expectations.

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Definitions:

Demand Elastic

Refers to how sensitive the quantity demanded of a good is to a change in its price; high elasticity indicates consumers will significantly alter their demand in response to price changes.

Price Effect

The impact on the quantity demanded of a good or service resulting from a change in its price, holding all other factors constant.

Quantity Effect

The change in quantity demanded or supplied of a good or service due to a change in its price.

Price-elastic Demand

A situation where the quantity demanded of a good or service significantly changes in response to changes in its price.