A Product That Is Viewed in Terms of Providing Essential

question 91

Multiple Choice

A product that is viewed in terms of providing essential benefits that the buyer expects to receive from it is referred to as a

• A) tangible product.
• B) generic product.
• C) intangible product.
• D) extended product.

---

Definitions:

Equilibrium Wage

The wage rate at which the quantity of labor demanded equals the quantity of labor supplied; the market wage rate at which the labor market clears.

Labor Demand

The total amount of workers that employers are willing and able to hire at a given wage level in a certain time period.

Labor Supply

The total hours that workers wish to work at a given wage rate, representing the availability of labor for production.

Equilibrium Wage

The salary level where the amount of work sought by employers matches the amount of work offered by employees.