A Useful Way to Distinguish Between Goods and Services Is

question 41

Multiple Choice

A useful way to distinguish between goods and services is to place them on a continuum from ____________ to ____________.

• A)practical; impractical
• B)tangible-dominant; intangible-dominant
• C)low; high
• D)reliable; unreliable
• E)prepared; unprepared

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Definitions:

Long Run

In economics, a period in which all factors of production and costs are variable, allowing all inputs to be adjusted.

Average Variable Cost

The total variable costs of production divided by the quantity of output produced, representing the cost per unit of output.

Total Revenue

The complete sum of funds a company acquires from selling goods or offering services over a specified time period.

Operating Profit

The profit earned from a firm's core business operations, excluding deductions of interest and taxes.