Depth of Merchandise Is Often Referred to as The

question 49

Multiple Choice

Depth of merchandise is often referred to as the:

• A) variety
• B) complete retail offering
• C) number of items within each product line
• D) object of the buy
• E) retail mix

---

Definitions:

Producer Surplus

The difference between the amount that producers are willing and able to sell a product for and the actual amount they do sell it for.

Consumers Surplus

The gap between the aggregate sum consumers are ready and capable of paying for a good or service versus what they actually shell out.

Elastic Demand

A market condition where the quantity demanded of a good or service significantly changes in response to a change in price.

Inelastic Demand

A situation where the demand for a product does not significantly change with a change in price.