How Would You Generally Classify Consumer Goods Such as Milk

question 45

Multiple Choice

How would you generally classify consumer goods such as milk, bread, and soft drinks?

• A) convenience products
• B) utilitarian products
• C) shopping products
• D) specialty products

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Definitions:

Economies of Scope

Cost advantages that enterprises obtain through diversification and the production of a variety of goods rather than specializing in a single product.

Multiproduct Firms

Companies that produce and sell more than one product or service, often benefiting from economies of scope.

Technology

Refers to the application of scientific knowledge for practical purposes, especially in industry.

Short-run Average Cost

The total cost divided by the quantity of output produced, in the short term when at least one input is fixed.