Market Offering Includes Everything from Pure Tangible Goods to Pure

question 60

Multiple Choice

Market offering includes everything from pure tangible goods to pure services, as well as combinations of goods and services. Which of the following is NOT a product or service?

• A) breakfast cereal
• B) rental car
• C) free concert
• D) shoes
• E) haircut

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Definitions:

Utility Increase

A rise in the level of satisfaction or benefit that a consumer derives from the consumption of goods or services.

Contract Curve

In economics, it represents the set of optimal distributions of goods or resources between parties that maximizes their utility in an exchange.

Relative Price

The price of a good or service in comparison to the price of other goods and services, reflecting its opportunity cost.

Marginal Utility

The additional satisfaction or utility a consumer gains from consuming one more unit of a good or service.