Which of the Following Is a Core Value of TQM

question 31

Multiple Choice

Which of the following is a core value of TQM?

• A)Methods are designed to meet the needs of external customers,not internal customers.
• B)A few,select employees in an organization are given training in quality.
• C)Processes are designed such that errors are detected and corrected immediately after they occur.
• D)The company promotes cooperation with vendors and customers to hold down costs.
• E)Managers measure progress with feedback based on qualitative observations.

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Definitions:

Price Elasticity

An indicator of the responsiveness of the quantity demanded of a product or service to variations in its price.

Demand Curve

A visual chart that illustrates how the price of a product affects the amount of the product that consumers are prepared to purchase.

Monopolistic Competitor

A firm in a market structure where many companies sell products that are similar but not identical, allowing for competition based on quality, price, and marketing.

Pure Monopolist

A market structure in which a single company or entity exclusively controls the entire supply of a particular good or service, without any close substitutes.