There Are Four Generic Categories to Classify Goods and Services

question 11

Multiple Choice

There are four generic categories to classify goods and services.Which one below fits the description of----goods or services that are frequently purchased,usually are low-to- competitively priced,and staples,emergency or impulse buys.

• A)convenience goods or services
• B)homogeneous shopping goods or services
• C)heterogeneous shopping goods or services
• D)specialty products or services.

Identify the effects of market equilibrium changes on consumer and producer surplus.

Understand and analyze the relationship between supply, demand, and total surplus.

Interpret the impact of demand and supply shifts on total surplus.

Understand the differences between Braxton-Hicks contractions and labor contractions.

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Definitions:

Statement of Changes

Short for the Statement of Changes in Equity; it details the movements in owners' equity over a specific period.