The Term "Inseparable" Refers to a Characteristic of Service, Which

question 32

Multiple Choice

The term "inseparable" refers to a characteristic of service, which states that:

• A)services cannot be touched, tasted, or seen.
• B)the quality of service may vary because it is provided by humans.
• C)services cannot be held in inventory.
• D)services are produced and consumed at the same time.
• E)services are perishable and cannot be stored for future use.

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Definitions:

Demand Curve

A graphical representation showing the relationship between the price of a good or service and the quantity demanded for a given period.

Price Elasticity

The responsiveness of the quantity demanded of a good to a change in its price.

Price Elasticity

An indicator of the degree to which the demand or supply of a product adjusts due to a variation in its cost.

Midpoint Formula

A method used in economics to calculate the elasticity of demand or supply between two points on a curve by averaging the quantities and prices.