Examlex

Solved

Which One of the Following Statements Is Most Consistent with the Concept

question 231

Multiple Choice

Which one of the following statements is most consistent with the concept of total quality management?


Definitions:

Elastic

A term used in economics to describe the sensitivity of the demand or supply of a good or service to changes in its price.

Perfectly Inelastic

A situation in which the quantity demanded or supplied does not change regardless of any change in price.

Fixed Number

A specific, unchanging quantity that does not vary under different conditions or over time.

Supply Curve

A graph showing the relationship between the price of a good and the amount of it that producers are willing to supply at those prices.

Related Questions