One Primary Difference Between Services and the Production of Goods

question 181

Multiple Choice

One primary difference between services and the production of goods is that services are consumed ____ whereas goods can be ____.

• A) one at a time; consumed more than one at a time
• B) immediately; stored
• C) intangibly; tangible or intangible
• D) later; consumed now
• E) as they are produced; special ordered

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Definitions:

Unregulated Monopolists

Firms that maintain exclusive control over a particular market or product without any oversight or restrictions from regulatory bodies.

Oligopolistic Markets

Markets dominated by a few large suppliers who have some control over the prices due to the limited number of competitors.

Predict

To make an educated guess about the future based on existing information or trends.

Price and Output Policy

Strategies adopted by firms or the government to determine the prices of goods and services and the level of production to meet economic objectives.