Examlex
List and briefly describe five differences between services and manufacturing. Processes provide examples to illustrate your arguments.
Price-Taker Market
A market condition in which individual buyers or sellers cannot influence the market price through their own actions.
Economic Profit
The difference between total revenue and total costs, including both explicit and implicit costs, reflecting the true profitability of a firm's operations.
Demand Increase
A situation where there is a rise in consumer desire to purchase goods or services, leading to higher quantities demanded at the same price levels.
Economic Profits
The difference between total revenue and total costs, including both explicit and implicit costs, indicating the profitability of a firm beyond normal returns.
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