An Electronics Retail Chain Allows Its Front-Line Employees to Make

question 87

Multiple Choice

An electronics retail chain allows its front-line employees to make adjustments in day-to-day activities based on the needs of its customers across its outlets in various locations.This approach will help the retail chain in reducing the:

• A)knowledge gap.
• B)delivery gap.
• C)standards gap.
• D)communication gap.
• E)zone of tolerance.

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Definitions:

Marginal Revenue Product

The extra revenue generated by employing an additional unit of a factor, such as labor or capital.

Perfect Competitor

A theoretical market structure where numerous small firms sell identical products, and no single seller can influence the market price.

Monopolist

A monopolist is a sole provider of a good or service in a market, having the power to influence the price and quantity of the product.

Output Price

The price at which a product or service is sold in the market.