Examlex
Services are described as possessing five key characteristics.Choose a service,and describe it in terms of these five characteristics.
Imperfect Competition
All market structures except perfect competition; includes monopoly, oligopoly, and monopolistic competition.
Marginal Revenue Product
The additional revenue generated from employing one additional unit of a resource, considering all other inputs constant.
Marginal Revenue Product
The additional revenue generated by employing one more unit of a factor of production, holding all other factors constant.
Rent
The price paid for the use of property or land by one party to another under the terms of a lease agreement.
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Q42: A separate record that contains detailed information
Q49: To be useful for decision making, absolute