Strategy and Tactics Need to Be Evaluated _____

question 23

Multiple Choice

Strategy and tactics need to be evaluated _____.

• A)on a continuous basis
• B)yearly
• C)during a retail audit
• D)prior to evaluating a retail unit for sale

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Definitions:

Public Goods

Goods that are non-excludable and non-rivalrous, meaning no one can be prevented from using them and one person's use does not reduce availability to others.

Consumer Surplus

The gap between what consumers are prepared and can afford to pay for a product or service, and what they end up paying in reality.

Producer Surplus

The difference between the amount producers are willing to accept for a good versus what they actually receive.

Marginal Benefit

Marginal benefit is the additional satisfaction or utility received by consuming one more unit of a good or service.