Answer:
A. creating the company income statement.
Explanation:
The creation of the companie's income statement is not within the scope of an operation manager's role.
It is a function of the accounting department, and shows the financial position at a particular point in time. Income statements are prepared in relation to profit and loss that the company is making. It shows a snap-shot of financial position so that management can make informed business decisions.
Answer:
d. temporary
Explanation:
Competitive advantage refers to a competitive edge a firm gains over it's competitors by offering better value via it's products or by offering such products at reduced prices.
Competitive advantage results out of a unique or specific methods of production which is more efficient than the competitors and most importantly which cannot be imitated by competitors.
In the given case, the advantage which has accrued is on account of organic method of raising chickens and organic seasonal produce. These advantages are momentarily as, soon other restaurants shall follow suit and gradually these shall disappear.
Answer:
Right
Explanation:
Right if you expect tax rates to go up or because right now you are starting your career and your tax bracket would be lower now than what it will be later on. When you are older and in retirement, you would want to save your money and not have to worry about any taxes.
Answer:
overstate.
Explanation:
An unchanging basket of goods assumes that consumers are restricted from purchasing exactly the corresponding goods, without caring for changes of the price which are not a very likely hypothesis. <u><em>The result of substitution bias is that the increase in the price of a fixed basket of goods over time tends to</em></u> overstate the rise in the true cost of living of the consumer because it does not take into consideration that the person can substitute away from goods whose corresponding prices have increased.
Answer:
The price control that could generate excess supply is to increase the price to 75 cents which would give the suppliers an incentive to supply since the potential profits have risen.
Explanation:
Market equilibrium can be defined as the point where market supply and market demand are equal,leading to stabilization of prices. The forces of supply and demand usually control the price at which goods and services will be set. Economists like Adam Smith utilized the concept of the free market to stipulate that the forces of supply and demand in a market will no government interference always push the market to it's equilibrium. Equilibrium generally means that the forces in the market have no incentive of changing their behavior.
Supply can be defined as the act of making something available to someone. In the context of an economy, the suppliers make goods and services available to the consumers. Demand on the other hand is the quantity of a good or service that consumers are willing purchase at a certain price. When demand exceeds the supply, the suppliers increase the price and when the supply exceeds the demand, the price drops.
In our case, increasing the price to 75 cents would give the suppliers an incentive to supply since the potential profits have risen. This would lead to excess supply since the price is set above the equilibrium price.
