In Economics,tangible Merchandise Is Referred to as

question 62

Multiple Choice

In economics,tangible merchandise is referred to as

• A)invention.
• B)human capital.
• C)services.
• D)goods.

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Definitions:

Perfect Price Discrimination

A pricing strategy where a seller charges the maximum possible price for each unit consumed that the buyer is willing to pay.

Consumer Surplus

The difference between the potential total payment by consumers for a product or service and the actual total payment they make.

Producer Surplus

The difference between the amount that producers are willing and able to sell a good for and the actual amount they receive.

Price Elasticity

An indicator of the degree to which demand for a product reacts to variations in its price, showing how sensitive the demand for the good is to price alterations.