A ________ is any activity or benefit offered for sale that is essentially intangible and does not result in the ownership of anything?
Correct answer: D. service
- A. demand
- B. basic staple
- C. product
- D. service
Explanation
A service is an intangible activity or benefit, such as banking, transport, or consulting, and it does not transfer ownership of a physical item. A product may be tangible or may refer more broadly to an offering.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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