A Visual Aid That Helps Organize Cause-And-Effect Relationships for Things

question 100

Multiple Choice

A visual aid that helps organize cause-and-effect relationships for things gone wrong in implementation is a:

• A) Pareto chart.
• B) Fishbone diagram.
• C) Continuous improvement chart.
• D) TQM chart.
• E) Frequency diagram.

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Definitions:

Price Ceiling

A legal maximum price set below the equilibrium price, preventing sellers from charging more than this amount.

Price Floor

A government-imposed minimum price set above the equilibrium price, preventing market prices from falling below a certain level.

Shortage

The occurrence of demand for a certain product or service outpacing the supply in the marketplace.

Surplus

The amount of an asset or resource that exceeds the portion that is actively utilized; in economic context, it often refers to excess production or budgetary surplus.