Retailers in Expensive Resort Areas Often Find It Difficult to Hire

question 110

Multiple Choice

Retailers in expensive resort areas often find it difficult to hire quality salespeople.In a situation like this,retailers should consider augmenting or even replacing the sales and customer service functions with

• A) expanded hours of operation.
• B) continuous use of promotions.
• C) in-store kiosks or self-checkout lanes.
• D) special attention to product placement in their stores.
• E) variable pricing strategies.

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Definitions:

Economic Profit

The difference between total revenues and total costs, including both explicit and implicit costs, representing excess returns over the firm's opportunity costs.

Competitive Market

A market structure characterized by many buyers and sellers, where no single entity can dictate prices, leading to optimal resource allocation.

Marginal Revenue

The additional income earned from selling one more unit of a product or service.

Marginal Cost

The addition to total expenses resulting from the production of one more unit of a product or service.