Services Are Said to Be __________, Which Means There Is

question 4

Multiple Choice

Services are said to be __________, which means there is no such thing as storing inventory or excess capacity.

• A) perishable
• B) price sensitive
• C) legitimate
• D) concrete

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Definitions:

Capital

Financial assets or the financial value of assets, such as funds held in deposit accounts or funds obtained from special financing sources.

Labor

The utilization of human physical and intellectual capacities in the generation of goods and services.

Plausible

Seeming reasonable or probable under the circumstances.

Production Function

A mathematical model that describes the relationship between inputs used in production and the resultant output.