A Product That Is Physical and Tangible Is Refered to as A(n)

question 66

Multiple Choice

A product that is physical and tangible is refered to as a(n)

• A)service
• B)good
• C)resource
• D)commodity
• E)asset

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Definitions:

Economies Of Scale

Cost advantages that a business obtains due to expansion, seen in the form of reduced costs per unit as output increases.

Profit-Maximizing

The method or approach of adapting manufacturing and selling activities to secure the maximum potential profit.

Competitively Organized Industry

An industry characterized by many firms competing against each other in a market to sell their products.

Network Effects

The phenomenon where a product or service becomes more valuable as more people use it.