The difference between the amount of money that a customer is willing to pay for a resource, product, or service and the cost of the activities involved in producing that resource, product or service is called the
A. cost measure
B. value distinction
C. differentiation factor
D. margin
E. bottom line
Answer: D. margin
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Prices are generally more inelastic in the early stages of the product life cycle and increasingly elastic in the later stages of the product life cycle.
Answer the following statement true (T) or false (F)
What is described as a ‘matrix in the mind of managers’?
a) Capability to resolve complex and contradictory issues b) Ability to maintain a perfect organizational structure c) Building informal communication networks d) Managing prolonged HR issues
Common law is the best and only source of legal authority.
Answer the following statement true (T) or false (F)
In your business, you record revenue when money comes in from customers, and record expenses when you pay bills. What basis of accounting are you using?
A) cash B) income C) accrual D) debit