Select the Appropriate Classification of the Output Generated by Each

question 13

Multiple Choice

Select the appropriate classification of the output generated by each of the following industries.Each classification may be used more than once, and it is possible that one or more of the classifications may not be used at all.
-Calgary Flames professional hockey team

• A)Tangible
• B)Intangible

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Definitions:

Government Intervention

Regulatory actions taken by a government to affect or influence a specific sector of its economy, often to correct market failures or promote social welfare.

Allocative Efficiency

Refers to a market situation where resources are apportioned in the most efficient manner, allowing for the optimal combination of goods and services production to meet consumer preferences.

Consumer Surplus

The variance between the aggregate sum consumers are prepared and capable of spending for a product or service and the aggregate sum they end up paying.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service and the actual amount they receive following trade.