Service Companies Do Not Have Product Costs,so They Often Consider

question 130

True/False

Service companies do not have product costs,so they often consider all operating expenses as part of their cost of service.

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Definitions:

Short Run

In economics, a period during which at least one of a firm's inputs is fixed, limiting the firm's capacity to adjust to changes in demand.

Economic Profit

The total revenue minus explicit and implicit costs, representing the additional gain beyond breaking even.

Weekly

Pertaining to, happening once every week or pertaining to a week.

Market Price

The price of a good or service determined by the supply and demand conditions in a competitive marketplace, reflecting what consumers are willing to pay and sellers accept.