Energiser Batteries Are Sold in Multipacks to Make It More

question 211

Multiple Choice

Energiser batteries are sold in multipacks to make it more convenient for the consumer, who usually needs more than one battery at a time.Energiser batteries would be classified as a ____ product.

• A) Household
• B) Shopping
• C) Luxury
• D) specialty
• E) convenience

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Definitions:

Marginal Productivity Theory

An economic principle that explains how the amount of extra output gained by employing an additional unit of input declines as more of that input is used.

Monopoly and Monopsony

A monopoly refers to a market with a single seller facing many buyers, whereas a monopsony is a market with a single buyer facing many sellers.

Marginal Product

The extra production resulting from the increase of a particular input by one unit, while keeping all other inputs unchanged.

Price of Labor

The compensation or wage paid to employees for their work or labor, often determined by market forces or negotiations.