A Service Cannot Be Seen,touched,or Held

question 17

True/False

A service cannot be seen,touched,or held.

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Definitions:

Market Prices

The price point at this moment for the sale or purchase of a service or asset.

Externalities

The cost or benefit that affects a party who did not choose to incur that cost or benefit, often not reflected in market prices.

Market Power

The ability of a firm or group of firms to influence the price and production levels of a product or service in the market.

Market Failure

A scenario where the distribution of goods and services by an unregulated market fails to be effective, frequently causing a decrease in overall social welfare.