Unlike Tangible Goods, Many Services Depend on ________, One of the Seven

question 25

Multiple Choice

Unlike tangible goods, many services depend on ________, one of the seven Ps of services, for the creation and delivery of the customer service experience.

• A) people
• B) profitability
• C) process
• D) productivity
• E) physical environment

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Definitions:

Consumer Surplus

The gap between the price consumers are prepared to pay for a product or service and the actual amount they spend, indicating the value gained by consumers.

Quantity Supplied

The total amount of a good or service that producers are willing and able to sell at a particular price point, within a specific time period.

Linear

A term used to describe relations or functions that graph as straight lines, representing constant rates of change.

Mutually Beneficial Trades

Exchanges between parties that improve the welfare of all involved, typically occurring in markets where buyers and sellers agree on terms that leave them both better off.