Williams-Sonoma Is a Specialty Store That Caters to Customers Who

question 333

Multiple Choice

Williams-Sonoma is a specialty store that caters to customers who like to cook at home.It offers free cooking classes,has frequent demonstrations by cookbook authors,and has employees who are knowledgeable about food preparation.The sales staff helps customers make their selections.Williams-Sonoma is a(n) ________ retailer.

• A) exclusive-service
• B) full-service
• C) upscale-service
• D) self-service
• E) limited-service

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Definitions:

Indifference Curves

A graphical representation of different bundles of goods between which a consumer is indifferent, showing the same level of satisfaction or utility for each point on the curve.

Downward Sloping

A characteristic of a graph or curve that shows a decrease in one variable as the other variable increases, often related to demand curves in economics.

Nonconvex Preferences

Preferences where an individual values mixtures of goods or services less than pure bundles, violating the convexity assumption in utility theory.

Perfect Substitutes

Goods or services that can be used in place of each other with no loss of utility to the consumer.