It Has Been Said That Many of the Patrons in McDonald's

question 153

Multiple Choice

It has been said that many of the patrons in McDonald's restaurants in foreign locations are American tourists. A likely reason why many Americans dine at McDonald's while vacationing abroad is

• A)they can't get enough McDonald's food when they are at home.
• B)they know and trust the quality associated with the McDonald's brand name.
• C)the food at local restaurants is of inferior quality.
• D)that Americans, by their nature, are not very adventurous.

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Definitions:

Number of Buyers

Refers to the overall or potential quantity of consumers or entities in the market willing to purchase goods and services.

Law of Supply

The law of supply states that, keeping other factors constant, an increase in the price of a good or service will increase its supply, and vice versa.

Quantity Supplied

The amount of a good or service that producers are willing to sell at a given price over a specified period.

Market Supply Curve

A graphical representation showing the quantity of goods that sellers are willing and able to sell at different prices.