Suppose You Take a Trip During Spring Break

question 249

Multiple Choice

Suppose you take a trip during spring break.To determine the benefit of taking the trip,you

• A) calculate the opportunity cost of the trip.
• B) measure what you are willing to give up to take the trip.
• C) determine the sunk cost of taking the trip.
• D) calculate the value of the next best alternative foregone.
• E) must measure what the trip is worth to you and then subtract the cost of the trip.

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Definitions:

Large Assortment

A wide variety of products offered by a retailer or manufacturer to meet diverse customer needs and preferences.

Breadth and Depth

Terms referring to the variety and range of product lines and products offered by a business; breadth refers to the number of product lines, depth to the variety within those lines.

Merchandise Lines

The range of products that a retailer offers for sale to customers, often categorized by type, style, or function.

Full-Service Retailer

A retail establishment offering a wide range of services to its customers in addition to selling products, including personal assistance and after-sales service.