At the _____ Stage of the Service Development and Innovation

question 53

Multiple Choice

At the _____ stage of the service development and innovation process,the new service is made available to a limited number of its potential customers.

• A) Commercialization
• B) Business analysis
• C) Market testing
• D) Service development and evaluation
• E) Post introduction evaluation

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Definitions:

Socially Optimal Output

The level of production of goods and services that results in the most efficient allocation of resources, typically considered at the point where marginal social cost equals marginal social benefit.

Ceiling Price

A legally imposed maximum price that can be charged for a good or service, intended to prevent prices from becoming too high.

Allocative Efficiency

A condition of distributing resources where improving the situation of one person results in the detriment of another.

Economic Profits

The surplus remaining after deducting both the explicit and implicit costs from total revenues; represents extra earnings above the next best alternative.