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Missy Knowles is in charge of all technical developments at Gumby Polymer Rubber.She makes all the choices concerning product innovations in the company.She finds that she is overworked and that several of her research chemists seem to be spending work hours playing golf.What managerial advice would you provide to Gumby Polymer Rubber (GPR)? Clearly explain your reasoning.
Excess Demand
A situation in a market where the quantity demanded of a good or service exceeds the quantity supplied at the current price.
Market Supply Curve
A graphical representation showing the relationship between the price of a good and the total output produced by all firms in the market.
Input Prices
The costs associated with the materials, labor, and overhead that go into producing goods or services.
Producers' Decisions
The choices made by firms regarding the production, pricing, and distribution of goods and services.
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