Dave's Is a Retail Chain That Offers All Utility Products

question 44

Multiple Choice

Dave's is a retail chain that offers all utility products ranging from home appliances, stationery, and groceries.Its customers prefer the store as they can buy everything they need under one roof.Dave's has more than a 100 outlets across the state, which makes the store easily accessible for customers easy.These features of Dave's best exemplify the element of _____.

• A) Quantity
• B) Convenience
• C) Preference
• D) Quality

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Definitions:

Long Run

The long run is a period in economics wherein all inputs can be adjusted, and there are no fixed costs, allowing full operational flexibility.

Price Discrimination

A pricing strategy where identical or substantially similar goods or services are sold at different prices by the same provider.

Good Or Service

Any tangible product (good) or intangible offering (service) that can be sold or provided in a market to satisfy the demand of a customer.

Marginal Revenue

The additional income received from selling one more unit of a product or service.