A Service Is Anything That Can Be Offered to a Market

question 47

True/False

A service is anything that can be offered to a market for attention,acquisition,use or consumption that might satisfy a want or need.

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Definitions:

Negative Economic Profits

Occurs when a firm's total costs exceed its total revenues, resulting in a loss.

Optimal Level

In economics, the optimal level refers to the most efficient, effective, or desirable point of operation or outcome in terms of maximizing benefits or minimizing costs.

Short Run

The Short Run is a period during which at least one factor of production is considered fixed in supply, limiting the ability of a business to alter its output levels.

Monopolistically Competitive

A market structure characterized by many sellers offering differentiated products, leading to competition based on product quality, price, and marketing.