Which of the Following Holds True for the Term Services

question 87

Multiple Choice

Which of the following holds true for the term services?

• A)It refers to the tangible customer benefits that are produced by people or machines and can be separated from the producer.
• B)It refers to the intangible customer benefits that are produced by people or machines and cannot be separated from the producer.
• C)It refers to the overall sacrifice a consumer is willing to make in terms of money, time, and energy in order to acquire a specific product or service.
• D)It refers to thoughts, opinions, philosophies, and intellectual concepts that also can be marketed.
• E)It refers to the groups of people who need or want a company's products or services and
• Have the ability and willingness to buy them.

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Definitions:

Short Run

A period in economics during which some factors of production are fixed, limiting the ability of a business to expand or change its output levels.

Industry

A group of companies that produce similar goods or services, engaged in the same type of business.

Variable Costs

Variable costs are expenses that vary directly with the level of production or output, such as materials and labor used in the manufacturing process.

Fixed Costs

Expenses that do not change with the level of output or sales, such as rent, salaries, and insurance premiums.