The Fact That Services Are Typically Produced and Consumed Simultaneously

question 4

Multiple Choice

The fact that services are typically produced and consumed simultaneously is known as the ________ aspect of services.

• A) perishability
• B) intangibility
• C) heterogeneity
• D) inseparability
• E) variability

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Definitions:

Elastic

Describes a situation in economics where the demand or supply of a good or service is sensitive to changes in price.

Necessity

An indispensable requirement or need for something; often something that is essential for survival or to carry out a specific task.

Luxury Good

A product or service that is considered to be of high quality and high price, often seen as a status symbol.

Monetary Cost

The amount of money required to purchase goods or services, or the financial expenditure associated with an action or decision.