Avril Went to Her Local Supermarket and Was Told If

question 75

Multiple Choice

Avril went to her local supermarket and was told if she wanted to take advantage of store specials on eggs,milk,and other products,she would need to get a card that would reward her on an ongoing basis for being a loyal and frequent customer of the supermarket.Which of the following is being offered?

• A) a scanner card
• B) a loyalty card
• C) a interactive tag
• D) a bargain card

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Definitions:

Long Run

The long run is a period in which all inputs and production technologies can be varied, with no fixed factors of production.

Long-Run

Pertains to a period in which all factors of production and costs are variable, allowing companies to adjust all inputs.

AVC

Average Variable Cost, the total variable cost divided by the number of units produced, reflecting costs that change with output.

Short-Run

A period during which at least one of a firm's inputs is fixed, limiting its ability to adjust to demand changes.