Which of the Following Is a Service

question 43

Multiple Choice

Which of the following is a service?

• A)Anything that is scarce and that satisfies unlimited human wants
• B)A thing for which people pay money
• C)An intangible activity that satisfies human wants
• D)Any output produced by a service sector industry,such as fast food
• E)Something less desirable than a good

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Definitions:

Perfectly Inelastic

A demand situation where the quantity demanded does not change regardless of the price level.

Excise Tax

is a tax directly levied on certain goods, services, or activities, often with the intent to reduce their consumption or generate revenue.

Market Price

The current price at which a good or service can be bought or sold in a given market, reflecting supply and demand dynamics.

Tax Revenue

The wealth gathered by governments by imposing taxes.