With Respect to the Various Generational Differences in Shopping Behaviors

question 27

Multiple Choice

With respect to the various generational differences in shopping behaviors, what is the name given to the generation born during the period 1965-1976?

• A)Baby boomers
• B)Gen X
• C)Gen Y
• D)Millennials
• E)Greatest generation

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Definitions:

Fixed Resource

An asset or resource in production that cannot be easily increased or decreased in the short term, such as land or machinery.

Diminishing Returns

The principle that says as more of a variable input is added to a fixed input, the incremental gain in output will eventually decrease.

Normal Profits

The level of profit that is necessary to cover the costs of a firm, including the opportunity costs of capital, ensuring the firm remains in business.

Implicit Cost

The opportunity cost equal to what a firm must give up in order to use resources it already owns, without paying rent or purchasing them.