Reilly's law of retail gravitation describes
A. how consumers decide where to buy the goods and services they consume.
B. how retailers choose the best products to sell for a given location.
C. the profit potential for two competing stores located in close proximity.
D. how many stores, on average, a consumer will visit in one shopping trip.
E. the profit potential of various retail locations.
Answer: A
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Figure 4.4 represents the market for gasoline in a small nation. The free trade world price of gasoline is $3.50. Suppose this small nation imposes a tariff on gasoline of $.50 per gallon. The decline in consumer surplus would be
a. area a + b. b. area a. c. area a + b + c + d + e. d. area a + b + f + g + h.
In the modern manufacturing environment:
a. investment costs represent the major costs of a project. b. software and implementation costs are the major costs of a project. c. software and other implementation costs can be substantial. d. software and other implementation costs can be ignored. e. None of the answers are correct.
In states with no-fault auto insurance
A) you may retain the right to sue if your injuries exceed a monetary or verbal threshold. B) auto premiums have been lower than in states with traditional coverage. C) you retain the right to sue for small claims. D) you need not personal liability protection.
Which of the following is considered a component of financial risk?
A. Fixed operating costs B. Variable operating costs C. The variability of a product's selling price D. Interest payments on bonds E. Fixed labor costs