Which of the Following Terms Describes Efforts to Make Quality

question 25

Multiple Choice

Which of the following terms describes efforts to make quality an everyday performance objective and strive to do things right the first time?

• A) Quality circles
• B) Total quality management
• C) Supply chain management
• D) International quality control

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Definitions:

Diminishing Marginal Utility

Declining utility, or satisfaction, derived from each additional unit consumed of a particular good or service.

Consumer Surplus

The variance between the total price consumers are inclined and financially capable of paying for a good or service and the amount they actually dispense.

Marginal Utility

The extra utility or satisfaction derived from using or consuming one additional unit of a good or service beyond what was previously consumed.

Total Utility

The total satisfaction received from consuming a particular amount of goods or services.