Which of the Following Is ,Ot a Difference Between a Retail

question 84

Multiple Choice

Which of the following is ,ot a difference between a retail business and a service business?

• A) in what is sold
• B) the inclusion of gross profit on the income statement
• C) accounting equation
• D) inventory included on the balance sheet

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Definitions:

Cereal

Grasses cultivated for the edible components of their grain, consisting of the endosperm, germ, and bran; also a common breakfast food made from processed grain.

Milk

A nutrient-rich liquid food produced by the mammary glands of mammals, commonly consumed by humans and used in a variety of dairy products.

Inelastic Demand

A situation where the demand for a good or service is relatively unaffected by changes in price.

Available Substitutes

Alternative products or services that consumers can opt for when faced with changes in price or availability of the original product.