The Three Commonly Used Terms to Describe Levels of Service

question 261

Multiple Choice

The three commonly used terms to describe levels of service in retailing are

• A) self-service, limited-service, and full-service.
• B) retailer-service, sales-service, and customer-service.
• C) self-service, automated-service, and online-service.
• D) limited-service, full-service, and automated-service.
• E) wholesaler-service, retailer-service, and customer-service.

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Definitions:

Shortage

A circumstance in which the market desire for a service or product is greater than the supply.

Surplus

The situation in which the quantity supplied of a product exceeds the quantity demanded, often leading to price decreases.

Price Ceiling

A government-imposed limit on how high a price can be charged for a product or service, intended to protect consumers.

Price Floor

A minimum price set by the government for certain goods and services, intended to ensure fair conditions for producers.