An Increase in the Number of Producers of a Good

question 147

Multiple Choice

An increase in the number of producers of a good will

• A)increase the market supply because the price will rise
• B)increase the market supply only if market demand increases too
• C)increase the market supply because market supply is the sum of all individual supply curves
• D)increase the market supply only if all suppliers have an identical supply curves
• E)decrease the market supply because firms compete with each other and each firm will supply more

Recognize the importance of continuous improvement and quality control measures in achieving organizational excellence.

Understand statistical quality control and its role in enhancing product quality and operational effectiveness.

Acknowledge the impact of technology, especially social media, on customer service and product quality.

Identify the principles of process reengineering and its importance in organizational efficiency and customer satisfaction.

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Definitions:

Vision

The ability to think about or plan the future with imagination or wisdom; often refers to a clear, distinctive, and specific view of the future, usually connected with strategic goals.

Fundamental Aspirations

Basic desires or ambitions that are essential or of central importance.

Idealized View

A perception of something in its best or most perfect form, often ignoring possible flaws.

Humane Orientation

A value or principle emphasizing compassion, caring, and consideration for others in both personal behavior and organizational culture.