Services Are Produced and Consumed at the Same Time and Cannot

question 23

Multiple Choice

Services are produced and consumed at the same time and cannot be separated from their provider.This is the characteristic of _______.

• A)Intangibility
• B)Perishability
• C)Variability
• D)Inseparability
• E)All of these

---

Definitions:

Economic Profit

The difference between a firm's total revenues and the sum of its explicit and implicit costs, indicating its overall financial health beyond just accounting profits.

Ideal Economic Efficiency

Achieving the optimum level of output and resource allocation where no individual or preference can be made better off without making someone else worse off.

Monopolist

A market participant that is the sole seller of a good or service, with significant control over its price.

Output Increase

Refers to a rise in the quantity of goods or services produced by an individual, company, or economy over a given period.