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Insurance, dry cleaning, and hotel accommodations have intrinsic value resulting from a process, a performance, or an occurrence that only exists while it is being created. Which of the following characteristics of services best matches to the above?
Elasticity
The indicator of the responsiveness of the demand or supply of a product to shifts in key factors like price or income.
Perfectly Elastic
A perfectly elastic demand or supply refers to a situation where the quantity demanded or supplied changes infinitely in response to any change in price, represented by a horizontal line on a graph.
Tax Burden
The measure of taxes that an individual or business is required to pay, expressed as a percentage of income or profit.
Tax Increase
A rise in the rate at which individuals or businesses are taxed by the government.
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