Compared with People-Based Services, Equipment-Based Services Do Not Have the Marketing

question 177

Multiple Choice

Compared with people-based services, equipment-based services do not have the marketing concern of

• A) intangibility.
• B) insensitivity.
• C) inventory.
• D) inconsistency.
• E) immeasurability.

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Definitions:

Favorable Supply Shock

An unexpected event that increases the supply of a good or service, leading to a lower equilibrium price.

Short-run Phillips Curve

A graphical representation showing an inverse relationship between the rate of unemployment and the rate of inflation in the short-term.

Unemployment

The situation in which people who are willing and able to work are not able to find employment, often expressed as a percentage of the labor force.

Aggregate-supply Curve

A graph that shows the relationship between the overall price level and the total output produced by firms in an economy.