Complete the Following Using the Terms Listed Below

question 196

Multiple Choice

Complete the following using the terms listed below.
-______ are those items typically purchased often by consumers, with little effort.

• A)marketing intermediary
• B)test marketing
• C)brand insistence
• D)product life cycle
• E)brand name
• F)wholesaler
• G)family brand
• H)product line
• I)convenience products
• J)product line.
• K)wheel of retailing
• L)logistics

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Definitions:

Increasing Returns

A situation in which an increase in the scale of production results in a disproportionate increase in output, usually leading to lower average costs.

Suffer Losses

occurs when a business or individual incurs expenses that exceed their revenues.

Long-run

A period of time in economics during which all factors of production and costs are variable, allowing for full industry adjustment.

Long-run Equilibrium

A state in which all aspects of a market, including supply and demand, production costs, and economic resources, are balanced, allowing for consistent economic conditions over time.