With Regards to Products, Perishability Can Be Defined as

question 38

Multiple Choice

With regards to products, perishability can be defined as

• A)buyers of products who can not see, feel, hear or taste the product before it is bought.
• B)services that cannot be stored.
• C)buyers and sellers who must be in direct contact for the sale to take place.
• D)buyers of the product who do not need direct contact with the manufacturer of the product.

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Definitions:

Total Revenue Product

The total revenue product is the total revenue generated by a factor of production, such as labor or capital, based on its marginal product and the price of the goods or services produced.

MRP

Marginal Revenue Product, the additional revenue generated from employing one more unit of a resource.

Capital

Resources made and used to produce goods and services, including tools, equipment, machinery, and buildings.

Labor

The application of both mental and physical human capacities for the generation of goods and services.