Which of the Following Is a Service

question 74

Multiple Choice

Which of the following is a service?

• A) anything that can be used indefinitely
• B) anything for which people pay less money than they pay for a good
• C) an intangible activity that satisfies human wants
• D) any output produced by the service sector industry, such as fast food
• E) something that is more desirable than a good

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Definitions:

Oligopoly Behavior

Market behavior characterized by a small number of firms dominating a market, where each firm's decisions impact the others, often leading to strategic pricing and output decisions.

Sequential Game

A strategic interaction (game) between two or more parties (players) in which each party moves (makes a decision) in a predetermined order (sequence).

Second Mover

A strategy where a firm enters a market or releases a product after competitors have already established themselves, potentially benefiting from the first mover's market insights and errors.

Homogeneous Oligopoly

A market structure where a few firms offer products or services that are similar and thus, highly substitutable.