It Is Said That Services Are _________ Rather Than Produced

question 58

Multiple Choice

It is said that services are _________ rather than produced.

• A)Separable
• B)Intangible
• C)Performed
• D)Rationed
• E)All of these

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Definitions:

Decision Makers

Individuals or groups responsible for making choices that determine the course of actions to be followed.

Efficient

The property of resource allocation where it is impossible to make any one individual better off without making at least one individual worse off.

Marginal Benefit

Marginal benefit is the additional satisfaction or utility that a consumer receives from consuming one more unit of a good or service.

Social Cost

The total cost to society, including both private costs borne by the producer and external costs borne by others, of producing a good or service.