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:

Industry

A sector of the economy that produces goods, services, or related products, categorized by their business activities.

Long-Run Equilibrium

A state in a market where all adjustments have been made and all inputs, including physical capital and labor, can be varied to reach an optimal output level.

Short-Run Equilibrium

The state in which the quantity supplied equals the quantity demanded within a short time frame, often with some factors held constant.