Of the Following Types of Stores,which Pair Can Be Described

question 54

Multiple Choice

Of the following types of stores,which pair can be described as having low levels of service,broad product assortments,and low gross margins?

• A) supermarket and warehouse club
• B) discount specialty and full-line specialty
• C) factory outlet and specialty store
• D) warehouse club and discount specialty
• E) off-price retailer and wholesale store

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Definitions:

MPP

Marginal Physical Product, the additional output resulting from the use of one more unit of a variable input, holding all other inputs constant.

MRP

Marginal Revenue Product; the additional revenue generated from employing one more unit of a resource or factor of production.

Substitution Effect

The change in demand for a good or service that occurs when its price increases or decreases, leading consumers to substitute it with other goods or services that are relatively more or less expensive.

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.