MrTyler Is Coming Home from a Business Trip

question 13

Multiple Choice

Mr.Tyler is coming home from a business trip.It is late at night,his cab is waiting,and he suddenly remembers that he forgot to buy his wife a gift.The only shop in the airport that is open sells souvenir T-shirts.Mr.Tyler quickly buys a shirt for $14.95.For him,the shirt was a(n) ________ good.

• A) convenience
• B) industrial
• C) shopping
• D) accessory
• E) specialty

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Definitions:

Marginal Cost

Marginal cost is the cost incurred by producing one additional unit of a product or service, often considered for decision-making regarding production levels.

Equilibrium Price

The sale price at which the supply of goods precisely meets the demand in the market.

Fine

A monetary penalty imposed by an authority on individuals or entities as punishment for an offense or infraction.

Supply Curve

A graphical representation of the relationship between the price of a good and the quantity of the good that suppliers are willing to sell.