Which of the Following Is NOT a Service

question 393

Multiple Choice

Which of the following is NOT a service?

• A) physical labor purchased by a producer
• B) things purchased by a consumer that do not have physical characteristics
• C) a diamond used in an engagement ring
• D) tasks performed by someone else

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Definitions:

Utility-Maximizing

A principle in economics where consumers aim to achieve the highest level of satisfaction with their choices, subject to their income and the prices of goods and services.

Marginal Utility

Marginal Utility represents the additional satisfaction or utility a consumer gains from consuming one more unit of a good or service.

Diminishing Marginal Utility

A principle stating that as a person increases consumption of a product, there is a decline in the satisfaction or utility they derive from each additional unit.

Utility Maximization

The economic principle that individuals seek to obtain the greatest possible satisfaction from their consumption choices, given their income and prices.