Which of the following is true of services?

A) They focus on establishing short-term relationships.

B) Insurance and haircuts are examples of tangible products.

C) They include intangible products like medical care.

D) They include manufacturing high-quality goods.

E) Jobs based on services have been declining in recent years.

Question

Business

Veronica Dickerson

1 August, 08:36

Which of the following is true of services?

A) They focus on establishing short-term relationships.

B) Insurance and haircuts are examples of tangible products.

C) They include intangible products like medical care.

D) They include manufacturing high-quality goods.

E) Jobs based on services have been declining in recent years.

+1

Answers (1)

Know the Answer?

Moore · Answer 1

The correct answer is option C.

Explanation:

Services can be defined as those intangible and nonphysical products that are used to derive a certain level of satisfaction or utility.

Services are different from goods in several ways. Firstly, unlike goods they are intangible. Secondly, they cannot be stored in inventories. Thirdly, they have to be consumed immediately as produced.

The examples of services are insurance, haircut, medical care, etc.