The fact that services are sold, produced and consumed at the same time refers to which of the following service characteristics ?
Correct answer: B. Inseparability
- A. Intangibility
- B. Inseparability
- C. Variability
- D. Perishability
Explanation
Inseparability means a service is generally produced and consumed simultaneously, so the provider and customer often participate in the same service encounter. Intangibility concerns the service's lack of physical form, not its timing.
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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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