Retail Stores in Which Customers Can Come and Buy Products

question 1

Multiple Choice

Retail stores in which customers can come and buy products placed in the shops by a wide variety of sellers are called

• A)licensed outlets.
• B)franchised kiosks.
• C)consignment shops.
• D)auctions.

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Definitions:

MC

Marginal Cost; the cost of producing one additional unit of a product.

ATC

Average Total Cost is determined by dividing the overall production cost by the number of units produced.

MR

In economics, Marginal Revenue is the additional income received from selling one more unit of a good or service.

Peak Efficiency

The maximum point where resources are utilized in the most efficient way possible without wastage.