__________ Materials Are Any Commodity or Service That Is Not

question 58

Multiple Choice

__________ materials are any commodity or service that is not directly involved in the production of finished goods.

• A) Raw
• B) Custom
• C) Finished
• D) Direct
• E) Indirect

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Definitions:

Resale Of Goods

The act of selling previously owned or used products to another party.

Socially Efficient Price

A price point for goods or services that optimally allocates resources in a way that benefits the entire society, taking into account both private and external costs and benefits.

Price Discrimination

A pricing strategy where identical or largely similar goods or services are sold at different prices by the same provider in different markets or to different customers.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they do actually pay.