Good,service,or Idea Consisting of a Bundle of Tangible and Intangible

question 70

Multiple Choice

good,service,or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value is known as a(n)

• A) utility.
• B) item.
• C) service.
• D) marketing program.
• E) product.

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Definitions:

Total Revenue

The total amount of money generated from the sale of goods or services before any costs are subtracted.

Climate Change

The man-made change in Earth’s climate from the accumulation of greenhouse gases caused by the use of fossil fuels.

Price Elasticity

A way to gauge how fluctuations in price affect a good's market demand.

Substitutes

Products or services that can replace each other in use, offering consumers alternatives.