Convenience Products Are

question 140

Multiple Choice

Convenience products are

• A) items that consumers will make special efforts to seek out and buy.
• B) items for which consumers compare several alternatives on criteria such as price, quality, or style.
• C) products consumers purchase frequently and with a minimum of shopping effort.
• D) ancillary products used to make other products work more efficiently.
• E) low-cost items for which there are numerous substitutes and generic equivalents.

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Definitions:

Long Run

A period in economics where all factors of production and costs are variable, allowing companies to adjust to achieve the most efficient scale of operation.

Operating Profits

Earnings before interest and taxes (EBIT), representing the profit from a business's normal core business operations.

Short Run

In economics, a period during which at least one of a firm's inputs is fixed, limiting the firm's capacity to adjust to changes in demand.

Economic Profit

The total revenue minus explicit and implicit costs, representing the additional gain beyond breaking even.