A Good,service,or Idea Consisting of a Bundle of Tangible and Intangible

question 217

Multiple Choice

A good,service,or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value is known as

• A)a utility.
• B)an item.
• C)a service.
• D)a marketing program.
• E)a product.

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Definitions:

Labor Supply

The total hours that workers are willing and able to work at a given wage rate, reflecting their participation in the labor force.

Consumer Preferences

These are the subjective likes, dislikes, desires, and needs that motivate buying decisions and are influenced by various sociocultural and economic factors.

Marginal Rate of Substitution

The rate at which a consumer can substitute one good for another while maintaining the same level of utility.

Rational Consumers

Individuals who seek to maximize their utility or satisfaction from the consumption of goods and services, making decisions based on available information and rational criteria.