Service Technologies Are Considered to Be Labor- and Knowledge-Intensive,while Manufacturing

question 16

True/False

Service technologies are considered to be labor- and knowledge-intensive,while manufacturing technologies tend to be capital asset-intensive.

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Definitions:

Utility Function

A mathematical representation that defines the satisfaction or utility a consumer derives from consuming different bundles of goods and services.

Zinnias

Brightly colored flowers, belonging to the sunflower tribe within the daisy family, known for their long-lasting blooms and variety in size and color.

Utility Function

An economic model that maps an individual's preference rankings for various bundles of goods onto a set of numerical values.

Price

The financial value anticipated, necessitated, or offered in return for a service or good.