Teaching, Waiting Tables, and Cutting Hair Belong in Which Category

question 125

Multiple Choice

Teaching, waiting tables, and cutting hair belong in which category?

• A) Goods
• B) Services
• C) Production
• D) Productivity

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Definitions:

Economies of Scale

The cost advantage experienced by a firm when it increases its level of output. The average costs per unit of output decrease with the scaling up of production.

Diamond-Mining Company

An entity engaged in the extraction of diamonds from the earth through mining operations.

Diseconomies Of Scale

The phenomenon where production costs per unit increase as a firm or production process increases in size, often due to inefficiencies.

Industry Demand Curve

A graphical representation of the total demand for the products or services provided by a specific industry at various prices.