A Product

question 228

Multiple Choice

A product

• A)consists of the benefits or customer value received by its sellers.
• B)is the cluster of benefits that an organization promises customers to satisfy their needs.
• C)is a good,service,or idea consisting of a bundle of tangible and intangible attributes that satisfy consumers' needs and is received in exchange for money or something else of value.
• D)consists of items that the consumer purchases frequently,conveniently,and with a minimum of shopping effort.
• E)is the set of intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value.

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Definitions:

Variable Input

Inputs or resources whose quantity can be changed in the short term to adjust the level of production, such as labor or raw materials.

Labor Market

The marketplace in which employers find workers and workers find jobs, characterized by the demand and supply of labor.

Marginal Revenue Product

The additional revenue generated from employing one more unit of a factor of production, holding other factors constant.

Worker

An individual employed to perform tasks or services in exchange for compensation, such as wages or salaries.