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A low-margin,low-turnover retailer will generally not be able to generate sufficient profits to remain competitive and survive.
Total Utility
The total satisfaction received from consuming a particular quantity of a good or service.
Day
A unit of time equal to 24 hours, representing one complete rotation of the Earth on its axis.
Marginal Utility
The added satisfaction or utility gained from consuming an additional unit of a good or service.
Spending
Engaging in transactions to acquire goods or services by spending money.
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