Since the Increase in the Unemployment Level in a Small

question 194

Multiple Choice

Since the increase in the unemployment level in a small Atlantic Canadian town, retailers have noticed that sales have decreased. The retailers are being affected by which element of the external environment?

• A) Socio-cultural
• B) Economic
• C) Environmental
• D) Global
• E) Political-legal

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Definitions:

Market Participants

Individuals or entities engaging in the buying, selling, or exchange of goods and services in a market.

Standardized

Established to have uniform procedures, dimensions, materials, or tests, to ensure consistency and comparability across different entities or products.

Economic Profits

The excess of total revenue over total costs, including both explicit and implicit costs, in economics.

Market Supply

The total amount of a good or service that producers are willing and able to sell at varying price points, at a given time.