Which of the Following Is True About Convenience Stores

question 5

Multiple Choice

Which of the following is true about convenience stores?

• A) They carry mostly shopping goods.
• B) They charge lower-than-normal prices for shopping goods.
• C) They are reluctant to change their offerings to adjust to changes in the market.
• D) They create time utility for their customers.
• E) They create form, time, and place utility for their customers.

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Definitions:

Price

The sum of money needed to buy a product or service.

Short-Run Supply Curve

A graphical representation showing the quantity of a good that producers are willing and able to sell at different prices over a short period.

Marginal Cost Curve

A graph showing the change in the cost of producing one more unit of a good as production levels change.

Short-Run Supply Curve

A graphical representation showing the quantity of goods a firm is willing to supply at different price levels in the short term, holding some inputs fixed.