Of the Following Products/services,which Is the Most Intangible

question 142

Multiple Choice

Of the following products/services,which is the most intangible?

• A) Restaurant meal
• B) Haircut
• C) Jewellery
• D) Legal services
• E) Clothing

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Definitions:

Average Costs

This reflects the cost for each unit, calculated by dividing the overall cost of production by the total units created.

Shutting-Down

The process a business undertakes to cease operations, often due to financial problems or a strategic decision.

Short Run

A period in which at least one factor of production is fixed, limiting the ability of a business to adjust fully to changes in market conditions.

Average Variable Costs

Costs that vary with the level of output, calculated by dividing the total variable costs by the quantity of output produced.