After Deciding on the Product-Assortment Strategy,the Retailer Must Establish Merchandise

question 111

Multiple Choice

After deciding on the product-assortment strategy,the retailer must establish merchandise sources,________,and practices.

• A) vendors
• B) suppliers
• C) lead times
• D) policies
• E) buyers

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Definitions:

Budget Constraint

The constraint on the collection of goods or services a consumer is able to purchase, determined by their income and the cost of those goods or services.

Utility

A measure of satisfaction or happiness that consumers derive from consuming goods and services.

Indifference Curves

Graphical representations used in microeconomics to show combinations of two goods that give an individual equal satisfaction and utility.

Budget Constraint

The limitations on the spending decisions of consumers based on their income and the prices of goods and services.