Asked by Osvaldo Munoz on May 11, 2024
Verified
Related to the Economics in Practice on page 316: According to the Economics in Practice, which of the following statements is true?
A) Because tastes tend to differ across areas, we would expect to see a wider variety of products available from an online retailer than from an individual brick-and-mortar retailer.
B) Even though tastes tend to differ across areas, we tend to see a smaller variety of products available from an online retailer than from an individual brick-and-mortar retailer.
C) Because tastes tend to be roughly the same across areas, we would expect to see a about the same variety of products available from an online retailer as from an individual brick-and-mortar retailer.
D) Because tastes tend to differ across areas, we would expect to see a smaller variety of products available from an online retailer than from an individual brick-and-mortar retailer.
Brick-And-Mortar
Traditional physical retail stores located in buildings as opposed to online or virtual platforms.
- Appreciate the role of consumer preferences in shaping market outcomes and product offerings.
Verified Answer
MN
Mabuda NessaMay 17, 2024
Final Answer :
A
Explanation :
Online retailers have the advantage of reaching a broader audience across different geographic areas, each with its unique tastes and preferences. This diversity in customer base encourages online retailers to offer a wider variety of products than a single brick-and-mortar retailer, which typically caters to the local population's preferences.
Learning Objectives
- Appreciate the role of consumer preferences in shaping market outcomes and product offerings.