Wearebig Is a Retail Chain Planning to Open a New

question 28

Multiple Choice

Wearebig is a retail chain planning to open a new store southern Manitoba.The location was chosen because the city's size should provide an excellent customer base for the store.Residents of a small,neighbouring town are excited that the store will be open and plan to shop there as well.The residents of the small town are most probably_________stakeholders and Wearebig should adopt a strategy to ________.

• A)supportive; promote their involvement with other supporters
• B)low priority; provide information to reinforce this position
• C)supportive; provide information to reinforce this position
• D)low priority; promote their involvement with supporters
• E)None of the answers.

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Definitions:

Income Rises

A situation where there is an increase in the amount of earnings received by an individual, household, or economic entity.

Perfectly Inelastic

Describes a situation where the demand for a good or service remains constant, regardless of changes in its price.

Supply Curve

A graphical representation showing the relationship between the price of a good or service and the quantity that producers are willing and able to sell at that price.

Price Elasticity

A measure of how sensitive the quantity demanded of a good is to a change in its price.