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_______ Has Consistently Proven to Be the Most Important Determinant

question 34

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_______ has consistently proven to be the most important determinant of service quality.

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Definitions:

Unit Elastic

Unit elastic describes a situation in which the percentage change in quantity demanded is equal to the percentage change in price, resulting in no overall revenue change for the supplier.

Income Elasticity

A measure of how much the demand for a product or service changes with a change in the consumer's income.

Quantity Demanded

Quantity demanded is the total amount of goods or services that consumers are willing and able to purchase at a given price point, during a specified period.

Consumption

The expenditure by individuals on durable goods, nondurable goods, and services; represented by C.

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