Final answer:
The correct term for the total number of product lines and individual items sold by a single firm is the product mix. The answer is B.
Step-by-step explanation:
The total number of product lines and individual items sold by a single firm is referred to as the product mix. This encompasses the variety of products that a firm offers for sale and can include diverse ranges or categories of products. Unlike bundling, which involves selling two or more products or services together as a single combined package.
Often at a discount, the product mix is simply the full assortment of all products a firm has available for customers. Bundling is a common sales strategy that can offer consumers the advantage of a better price for multiple items, such as cable, internet, and phone services when purchased together.
Software manufacturers and entertainment providers like sports teams may also engage in bundling, selling multiple programs or season tickets as a package.