Goods and Services That Are Consumed by the Ultimate User

question 69

Multiple Choice

Goods and services that are consumed by the ultimate user are called ________ goods and services.

• A)intermediate
• B)final
• C)value added
• D)nominal

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Definitions:

Demand Function

A mathematical expression that shows the relationship between the quantity of a good or service that consumers are willing and able to purchase at various prices.

Tickets

Documents or electronic codes that grant the holder the right to admission to an event, transport service, or other specific activities.

Price Elasticity

Evaluates the responsiveness of product demand to variations in its market price.

Demand Function

A mathematical representation showing the quantity of a good or service consumers are willing and able to purchase at different prices.