Chapter 5, Problem 7AA

To determine

To find the word best fits in as the answer to the question.

Answer to Problem 7AA

Option (f) − Obtain.

Explanation of Solution

Although it is convenient for the people to get the necessities from the convenience store without going to the supermarkets, such stores charge higher prices than other stores or supermarkets because they get a smaller quantity of things from the wholesalers at a higher per unit price for the products.

Moreover, as they deal in low volume means their fixed costs per transaction are higher which makes their products of high prices to the consumers.

No other option fits in as the answer to the question because none except ‘obtain’ talks about the easy reach for the products by the consumers in a convenience store.

Economics Concept Introduction

Introduction:

A convenience store is a small retail business store which keeps the basic everyday necessities such as groceries, snack foods, magazines, etc so that it can be easy for the people residing nearby to get the daily necessities.