U.S. Census Data Show That

question 200

Multiple Choice

U.S. Census data show that:

• A) retailers are more numerous than manufacturers and wholesalers combined.
• B) only about 15 percent of all retailers have annual sales over $5 million.
• C) over half of all retailers have annual sales less than $1 million.
• D) there are over 1 million retailers.
• E) all of these alternatives are correct.

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Definitions:

Close Substitutes

Products or services that can easily replace each other in the eyes of the consumer, having nearly the same utility or function.

Productivity

A measure of the efficiency of production, often calculated as the ratio of output to inputs used in the production process.

Derived Demand

The demand for a good or service that arises from the demand for another good or service.

Final Product

A final product refers to a good or service that has completed all stages of production and is ready for sale or consumption.