Final answer:
A bundle includes multiple products or services and is a common strategy to offer consumers better pricing and added value. Examples include telecommunications packages and software suites with new computers. While bundling might be seen as anti-competitive in some cases, it is often viewed as an advantageous practice for both consumers and businesses.
Step-by-step explanation:
The product and service type that consists of multiple products or services is known as a bundle. Bundling is a marketing strategy where a company sells several items or services together as a single combined product, often at a discounted rate compared to purchasing each item separately. An example of bundling is when cable companies offer cable television, internet, and phone services together at a special bundled price. Bundling can be very appealing to consumers because it provides a better price, while businesses can benefit from reducing inventories and selling more products or services.
However, bundling can sometimes be viewed as an anticompetitive practice, especially when it forecloses competition. But, in many situations, bundling is both legal and common, such as when purchasing season tickets for sports or concerts, or when software is bundled with a new computer. The practice of bundling allows customers to enjoy added value and convenience.