Consumer Services Are Distinguished by Four Unique Characteristics--Intangibility, Inseparability, Homogeneity

question 16

True/False

Consumer services are distinguished by four unique characteristics--intangibility, inseparability, homogeneity, and longevity.

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Definitions:

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a particular price over a given period of time.

Marginal Revenue

The extra revenue gained by the sale of an additional unit of a product or service.

Total Revenue

The total amount of income generated by the sale of goods or services by a company.

Average Cost

The total cost of production divided by the quantity of output produced, representing the cost per unit of output.