Why Is the Demand for Most Services-Such as Popular Restaurants-Extremely

question 32

Multiple Choice

Why is the demand for most services-such as popular restaurants-extremely time-and-place dependent?

• A) Because popular services typically lack sufficient capacity.
• B) Because services cannot be stored for future use.
• C) Because customers must be present for service to be delivered.
• D) Because service customers are typically unsure of their needs.
• E) Because competing services force customers to make tradeoffs between quality and time.

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Definitions:

Specific Industries

Specific Industries are distinct sectors of the economy that produce or handle similar types of goods and services, such as the automotive or technology industries.

Displaced Workers

Individuals who have been laid off from their jobs because their positions have been eliminated, usually due to economic changes, technological advancements, or business restructuring.

New Jobs

Employment positions created within the economy that did not previously exist, contributing to workforce expansion.

Technological Change

The rate and direction of innovations and improvements in technology that affect productivity and economic growth.