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You have been asked by your firm to evaluate the "service" of one of its competitors (a restaurant).As you understand service,services differ according to form and purpose.Explain how you classify services.
Aggregate Supply
The aggregate amount of products and services that businesses within a country intend to offer for sale over a particular period.
Equilibrium Output
The level of output where the quantity demanded equals the quantity supplied in a market, leading to no pressure for change.
Price Level
A measure of the average prices of goods and services in an economy at a given time, often influencing inflation rates.
Long-run Equilibrium
A state in which economic forces such as supply and demand are balanced, occurring when the level of output is sustainable in the long term without creating inflation.
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