Which of the Following Terms Best Describes a Large, Low-Cost

question 159

Multiple Choice

Which of the following terms best describes a large, low-cost, low-margin, high-volume, self-service store that carries a wide variety of grocery and household products?

• A) convenience store
• B) supermarket
• C) specialty store
• D) warehouse club
• E) factory outlet

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Definitions:

Government Policy

The set of laws, regulations, actions, and decisions made by a government to advance its goals.

Potentially Efficient

A condition or situation in which resources could be utilized in a way that maximizes productivity or benefit, but are not currently being used to their full potential.

Local Businesses

Independent enterprises that are owned and operated within a local community, often contributing to local economies and community development.

Perfect Competition

A market structure characterized by a large number of small firms producing identical products, with no single firm able to influence the market price.