Philip Crosby Is Credited with Both of These Quality Catch-Phrases

question 25

True/False

Philip Crosby is credited with both of these quality catch-phrases: "quality is free" and "zero defects."

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Definitions:

Reaction Function

A mathematical representation showing how one economic agent's optimal decision depends on the expectations or actions of other agents.

Profit-maximizing Output

The level of production at which a company achieves the highest possible profit, where marginal cost equals marginal revenue.

Collusion Model

A framework describing how firms may work together, often secretly, to control prices or market conditions, typically to reduce competition and increase profits.

Monopoly

A market structure characterized by a single seller or producer dominating the entire market, with no close substitutes for the product or service offered.