The Value of a Service Is Reflected in the Price/demand

question 9

True/False

The value of a service is reflected in the price/demand elasticity of the product.

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Definitions:

Consumption

The use of goods and services by households, leading to the satisfaction of wants and needs.

Utility

A measure of satisfaction or pleasure that consumers derive from consuming goods or services.

Consumption

The act of using goods and services to satisfy needs and wants, a key concept in economics relating to how goods and services are used.

Satisfaction

The degree of contentment or pleasure experienced from the fulfillment of a desire or the consumption of goods and services.