The Physical Characteristics of a Retailer That Are Used to Develop

question 79

Multiple Choice

The physical characteristics of a retailer that are used to develop an image and draw customers represent _____.

• A)goodwill
• B)aesthetics
• C)retail image
• D)atmosphere

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Definitions:

Budget Constraint

The limitations on the consumption bundles that a consumer can afford given their income and the prices of goods.

Consumption Possibilities

The set of all consumption bundles that can be consumed given a consumer’s income and prevailing prices.

Budget Line

A graphical representation of all possible combinations of two goods that an individual can afford given their income and the prices of the goods.

Giffin Good

A type of good for which demand increases as its price increases, contrary to the typical law of demand.