Virtually All Retailers Serve As

question 28

Multiple Choice

Virtually all retailers serve as:

• A) Buying agents for the producer.
• B) Selling agents for their suppliers.
• C) Advertising agents for manufacturers.
• D) Limited function businesses.
• E) The external marketing staff for manufacturers.

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Definitions:

Producer Surplus

The difference between the amount that producers are willing to accept for a good or service versus what they actually receive.

Consumer Surplus

The difference between the maximum price a consumer is willing to pay for a product and the actual market price they pay.

Government Revenue

The money received by a government from taxes, fees, fines, intergovernmental grants, and other sources to fund public spending.

Tariff

A tax imposed by a government on goods and services imported from other countries to encourage domestic consumption and protect the local industry.