Explain how transportation helps determine the economic value of a product
Transportation cost has a direct impact on the amount of demand that a commodity will have. As transportation costs increase demand for a product will generally go down (this is especially true the more elastic the demand). For example, if a commodity cost $10 to purchase and people in a certain part of the country are willing to pay $12 for that commodity that commodity can only be sold if the transportation cost is less than $2 per unit sold. What is interesting is that any dollar saved in transportation equates to a dollar of additional profit.
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Dayton, Ohio––based Iams found success selling premium pet food through regional veterinarians, breeders, and pet stores. This is an example of ________ differentiation
A) service B) employee C) image D) product E) channel
In the United States, government operates under federalism where both the federal and state regulate citizens
a. True b. False
Preemption of state law when it directly conflicts with federal law is known as __________ preemption, whereas preemption of state law when Congress has manifested intent to regulate an entire area without state participation is known as __________ preemption
a. absolute; implied b. express; absolute c. express; field d. absolute; field
A railroad would not be liable for injuries to a passenger caused by
a. a washout of the tracks by a tornado. b. an accident resulting from defective brakes. c. failure of the engineer to spot a vehicle on the tracks. d. all of these.