Which of the Following Statements Is FALSE

question 16

Multiple Choice

Which of the following statements is FALSE?

• A) Economic goods are available in desired quantities at a zero price.
• B) A good is anything that gives satisfaction or happiness to individuals.
• C) Services are intangible goods such as dry cleaning, hospital care, and restaurant meal preparation.
• D) Wants are unlimited and include all material and nonmaterial desires.

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Definitions:

Annual Carrying Costs

The total expenses associated with holding or storing inventory over a year, including costs related to storage, insurance, and obsolescence.

Ordering Costs

Expenses associated with making an order for goods or services, including administrative costs, shipping charges, and time spent on ordering processes.

Carrying Costs

Expenses associated with holding inventory, including storage, insurance, and obsolescence.

Gadgets

Small electronic or mechanical devices or tools that are innovative and designed for a particular purpose.