Examlex
How does the services characteristic of intangibility affect how an operator of a daycare centre sells her service?
Entire Income
The total earnings or revenue generated by an individual or entity from all sources before any deductions.
Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good, with all other factors being held constant.
Demand Curve
A graph showing the quantity of a good that consumers are willing and able to purchase at different prices.
Luxury Good
A product that is not necessary for basic survival but is deemed as highly-desirable within a culture or society, often associated with wealth or quality.
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