Final answer:
It is true that a mom and pop gas station is more likely to use a periodic review system than a department store chain due to simpler inventory needs and lack of sophisticated inventory systems, as well as the personal and community value they offer despite economic pressures.
Step-by-step explanation:
The statement that a mom and pop gas station near a remote lake popular with anglers is more likely to use a periodic review system than a chain of department stores is true.
Mom and pop businesses, such as a local gas station, are often situated in remote or rural areas and cater to a specific clientele, such as anglers in this case. They typically do not have the sophisticated inventory systems or the economies of scale that large chain stores have. Hence, they are more likely to use simpler inventory management systems, such as the periodic review system. In contrast, large department store chains have more complex and dynamic inventory needs and are more likely to adopt perpetual inventory systems, which continuously track inventory levels.
Mom and pop stores may continue to exist without earning economic profits because of non-financial factors, such as community relationships, personal fulfillment, and the provision of specialized services that may not be available otherwise. These small firms can remain operational despite economic challenges due to their unique offerings and the personalized service they provide to their customers.