One Way to Make a Service More Tangible Is to Have

question 58

Multiple Choice

One way to make a service more tangible is to have customers ______.

• A) Read about it on a web site
• B) Experience the service through a trial period of time
• C) Receive a brochure that highlights the advantages and disadvantages of the service
• D) Google the service and see who provides the services in their area
• E) None of the above

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Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing to purchase at a given price level, at a specific point in time.

Demand

The total quantity of a good or service that consumers are willing and able to purchase at various prices during a specific time period.

Equilibrium

A state of balance in a system where supply equals demand, and there is no external force prompting change.

Consumer Surplus

The difference between the total amount consumers are willing to pay for a good or service and the total amount they actually pay.