The fact that services cannot be stored for later use or sale is evidence of their ?
Correct answer: D. perishability
- A. intangibility
- B. inseparability
- C. variability
- D. perishability
Explanation
Perishability means a service cannot be stored, inventoried, or saved for later sale or use. Intangibility means it cannot be physically touched, which is a different service characteristic.
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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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