Which of the Following Statements About NAICS Codes Is TRUE

question 26

Multiple Choice

Which of the following statements about NAICS codes is TRUE?

• A)The letters in NAICS stand for National Assortments in Commercial Stores.
• B)Retailers with the same NAICS codes are likely to compete against each other.
• C)A retailer's principal competitor is seldom,if ever,in the same NAICS category.
• D)The NAICS code categorizes businesses according to an 8-digit classification system.
• E)The classifications for retail firms are based upon the location of the store fronts.

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Definitions:

Equilibrium Price

The price at which the quantity of goods supplied is equal to the quantity of goods demanded in the market.

Supply and Demand

The basic economic principle that determines the price of goods and services in a market, based on the quantity available (supply) and the desire of consumers to purchase (demand).

Demand Curve

A visual model that illustrates the link between the cost of a commodity and the volume of demand from buyers at those costs.

Secondary Market

A marketplace where investors buy and sell securities, such as stocks and bonds, from other investors rather than from issuing companies directly.