A Live Theater Performance Cannot Be Touched Like a Physical

question 116

Multiple Choice

A live theater performance cannot be touched like a physical object,but is still considered a product.To a marketer,this is an example of

• A)a utility.
• B)a production.
• C)a value.
• D)a service.
• E)an idea.

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Definitions:

Monopolistically Competitive

describes a market structure where many firms sell products that are similar but not identical, allowing for competition.

Average Total Cost

The total cost divided by the quantity of output produced; it includes both fixed and variable costs.

Long-Run Equilibrium

A state in which all firms in a perfectly competitive market earn zero economic profits, indicating no incentive for entry or exit.

Monopolistically Competitive

Describes a market structure where many firms offer products that are similar but not perfect substitutes, leading to competition based on product differentiation.