Between 1948 and 2002 for Retail Establishments

question 17

Multiple Choice

Between 1948 and 2002 for retail establishments:

• A) Average sales and numbers of stores increased.
• B) Average sales increased and the number of stores decreased.
• C) Average sales decreased and the number of stores decreased.
• D) Average sales decreased and the number of stores increased.
• E) Total sales increased and the number of stores increased.

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Definitions:

Supply and Demand

Fundamental economic model describing how the price and quantity of a good are determined in a market, based on the relationship between product availability and consumers' desire for it.

Determinant of Demand

A factor that affects the willingness and ability of consumers to buy a product, which can include price, income, tastes, and expectations.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, achieving market balance.

Normal Good

A good for which demand increases as consumer income rises, demonstrating a direct relationship between income and demand.