A Delighted Customer Costs Less to Service, Stays Longer and Buys

question 30

True/False

A delighted customer costs less to service, stays longer and buys more.

---

Definitions:

Elasticity Coefficient

A measure used to show the responsiveness of the quantity demanded or supplied to a change in one of its determinants, like price or income.

Supply

A schedule or curve that shows the various amounts of a product that producers are willing and able to make available for sale at each of a series of possible prices during a specified period of time.

Elastic

A characteristic of a good or service indicating that its quantity demanded or supplied changes significantly when there is a change in price.

Elasticity Of Supply

A measure of how much the quantity supplied of a good changes in response to a change in price.