Consumers' Preferences Are Described by

question 74

Multiple Choice

Consumers' preferences are described by

• A) relative prices.
• B) household income.
• C) indifference curves.
• D) budget lines.

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Definitions:

Specialty Outlet

A retail store that focuses on selling a specific type of merchandise, offering specialized knowledge and a broader selection than general stores.

Hypermarket

A large retail facility that combines a supermarket and a department store, offering a wide variety of food and general merchandise at low prices.

Outlet Store

An outlet store is a retail store that sells products directly from one or more manufacturers, typically at lower prices, often featuring overstock, discontinued ranges, or seconds.

Warehouse Clubs

Large-scale members-only retail stores that sell a wide range of merchandise, usually in bulk and at discounted prices.