If a Bailment Is for the Sole Benefit of the Bailee

question 24

Multiple Choice

If a bailment is for the sole benefit of the bailee which is the level of care he is required to use?

• A) Extraordinary care
• B) ordinary care
• C) slight care
• D) no care

Understand the role and growth of services in the economy.

Recognize strategies for addressing the inconsistency and inseparability challenges in service delivery.

Identify methods to reduce the negative impacts of service intangibility.

Appreciate the significance of the interaction between service providers and consumers in the co-creation of value.

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Definitions:

External Benefits

Benefits of a good or service that are not captured by the market price and are received by third parties.

Competitive Market

A market structure characterized by many buyers and sellers, free entry and exit, and products that are similar but differentiated.

Maximize Profit

The goal of adjusting production or service levels to achieve the highest possible returns.

Equilibrium Quantity

The quantity of goods or services supplied that is equal to the quantity demanded at the market equilibrium price.