Total Quality Management

question 71

Multiple Choice

Total quality management:

• A) requires that everyone in the organization be concerned with improving quality.
• B) means more than just using statistical controls to reduce manufacturing defects.
• C) views the cost of lost customers as an important result of quality problems.
• D) applies to service producers as well as manufacturers.
• E) All of these alternatives are correct.

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Definitions:

Monopolist

An entity with exclusive control over the supply of a particular good or service, setting prices without competition.

Pure Monopolist

A market structure where a single firm completely dominates the market, with no close substitutes for its product, allowing it to control prices.

Discriminating

The act of making a distinction or differentiating between items, people, or situations, often based on specific criteria.

Price Discrimination

A pricing strategy where a seller charges different prices for the same product or service to different consumers, based on their willingness to pay.