When You Have Your Hair Cut and Styled the Way

question 145

Short Answer

When you have your hair cut and styled the way you like it, it illustrates the unique service characteristic of
unstorability.
customization.
past experience.
intangibility.
warranties.

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Definitions:

Equilibrium Price

A market condition's price point where the quantity of goods producers wish to sell equals the quantity consumers wish to buy.

Production Functions

A mathematical representation of how inputs are transformed into outputs in the production process.

Variable Factors

Inputs to production that can be adjusted in the short run, such as labor and raw materials.

Fixed Costs

Costs that do not change with the level of production or sales, such as rent, salaries, or insurance, and must be paid regardless of business activity.