Michael Soles-Owner of Soles Shoe Store-Recently Discovered That Shoe Stores

question 90

Multiple Choice

Michael Soles-owner of Soles Shoe Store-recently discovered that shoe stores in his trading area have an average markup of 40 percent. Upon investigation, Michael found that his average markup is $15 on shoes that he sells for $45. This suggests that:

• A) Michael has higher-than-average costs.
• B) Michael is pricing his products higher than his competitors.
• C) Michael is taking a smaller average markup than his competitors.
• D) Michael has a relatively high stockturn rate.
• E) Michael's markups in dollar amounts are about the same as his competitors.

---

Definitions:

Scripted Routines

Predefined sequences of behavior or actions that individuals follow in specific situations, often without conscious thought.

Universals

Characteristics or elements that are common to all human cultures, societies, or languages, often considered innate features of human nature.

Baumrind

A psychologist known for her research on parenting styles, including authoritative, authoritarian, and permissive classifications.

Permissive Parents

Parenting characterized by a high degree of responsiveness but low demands, where parents are nurturing and accepting but provide few guidelines and rules.