________ Carry a Narrow Assortment of Product Lines with Deep

question 163

Multiple Choice

________ carry a narrow assortment of product lines with deep assortments within those lines.

• A) Supermarkets
• B) Specialty stores
• C) Convenience stores
• D) Discount stores
• E) Off-price stores

---

Definitions:

New Firms

New firms refer to businesses that have been recently established and are in the early stages of their operational life.

Long-Run Equilibrium

A state in which all factors of production can be adjusted, allowing firms to enter or exit the market, resulting in a situation where economic profits are zero in a perfectly competitive market.

P = MR

An economic principle where the price (P) of a product equals its marginal revenue (MR), often applied in perfectly competitive markets.

Minimum ATC

The lowest point on the Average Total Cost curve, where a firm is producing at the most cost-efficient level.