The Depth of a Product Mix Is Measured by the Average

question 215

Multiple Choice

The depth of a product mix is measured by the average number of

• A) convenience products as compared with the number of specialty products.
• B) different product lines offered by the company.
• C) different products offered in each product line.
• D) specialty products as compared with the number of convenience products.
• E) product features that the company offers.

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Definitions:

Output Effect

The impact on the total production of goods and services in an economy resulting from changes in demand, supply, technology, or factors of production.

Factors of Production

The basic inputs used to produce goods and services, including land, labor, capital, and entrepreneurship.

Complementary Resource

A good or service that is used together with another good or service to provide a benefit or function.

Substitution Effect

The economic understanding that as prices rise or incomes decrease, consumers replace more expensive items with less costly alternatives.