There Are Five Categories of Offerings for a Service

question 32

Multiple Choice

There are five categories of offerings for a service.It can be either a minor or a major component of the company's offerings.Which of the following is NOT one of these five categories

• A) Pure tangible good
• B) Tangible good with accompanying services
• C) Hybrid
• D) Major service with accompanying minor goods and services
• E) Major service with accompanying major goods

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Definitions:

Elastic

Elastic refers to the responsiveness of the quantity demanded or supplied of a good or service to a change in its price, with high elasticity meaning significant responsiveness.

Average Variable Cost

The cost variable per unit of output produced, calculated by dividing total variable costs by the quantity of output.

Economic Losses

The reduction in financial wealth, goods, or services that results from an event or decision.

Long Run Market Supply Curve

A curve showing the relationship between the price of a good and its supply over a longer period, when all input factors can be varied.