A Good or Service That Can Be Consumed by a Person

question 91

Multiple Choice

A good or service that can be consumed by a person even if he or she didn't pay for it is called ________ good.

• A) an inferior
• B) a normal
• C) a public
• D) a private
• E) an external

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Definitions:

Competitive Advantage

A condition or circumstance that puts a company in a favorable or superior business position compared to its competitors.

Pricing

The process of determining the value or amount charged for a product or service.

Market

A market is a venue where buyers and sellers come together to exchange goods, services, or information, either physically or virtually.

Price Discrimination

A pricing strategy where a seller charges different prices for the same product or service to different customers, based on various factors not related to costs.