Complete Standardization of a Service

question 18

Multiple Choice

Complete standardization of a service:

• A) Is an effective way to make services more tangible.
• B) Tends to decrease the perishability of the service.
• C) Is easier for consumer services than for industrial services.
• D) Is not possible.
• E) Is not recommended.

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Definitions:

Economic Profits

Profits in excess of what is considered normal or expected, considering both explicit and implicit costs.

Five Fundamental Questions

Key questions in economics that address what to produce, how to produce, for whom to produce, when to produce, and where to produce goods and services.

Central Bank

The national financial institution that oversees the monetary system of a country, controlling interest rates and currency supply.

Scarce Supply

Refers to the condition where the availability of a particular good or resource is insufficient to meet the demands.