Which of the Following Is a Consumer Product

question 28

Multiple Choice

Which of the following is a consumer product?

• A) salt and gravel used by cities to spread on icy roads
• B) a bulk package of tissues to be separated and resold at a convenience store
• C) a bag of potato chips to be eaten by an individual
• D) a carton of tomatoes to be used at a restaurant
• E) a set of cleaning supplies used at an office

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Definitions:

Perfectly Inelastic Supply

A market condition where the quantity supplied does not change regardless of price fluctuations.

Bargaining Power

The relative capacity of one of the parties in a negotiation or deal-making scenario to influence the terms of an agreement.

Non-Union Workers

Employees who are not members of a labor union and therefore may not benefit from collective bargaining agreements.

Economic Rent

The extra amount earned by a factor of production that exceeds the minimum amount necessary for it to be employed.