When a Business Holds Goods of Other Parties Without Taking

question 48

Short Answer

When a business holds goods of other parties without taking ownership, and tries to sell them for a fee, the goods are called ____________ goods.

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Definitions:

Equilibrium

A state where supply and demand balance each other, and as a result, prices become stable.

MU/P

Marginal Utility per Price, a concept in economics that represents the additional utility or satisfaction obtained per unit of expenditure.

Consumer Behavior

The examination of the ways in which individuals, groups, and entities choose, purchase, utilize, and discard products, services, ideas, or experiences to fulfill their wants and needs.

Marginal Utility

The change in satisfaction or utility a consumer receives from consuming an additional unit of a good or service.