You have observed that the total asset turnover ratio for a retail chain has increased steadily ox er the last three years. The most likely explanation is which of the following?
a. Salaries for upper management as a percentage of total expenses have decreased over the last three years.
b. A successful advertising campaign increased sales companywide. but no new store locations were added over the last three years.
c. New stores were added throughout the last three years, and sales increased as a result of the additional new locations.
d. The company began construction of a new, larger main office location three years ago that was put into use at the end of the second year.
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