What Are the Three Elements of the Service Package

question 65

Multiple Choice

What are the three elements of the service package?

• A) physical goods, sensual benefits, and psychological benefits
• B) sales, return policy, and warranty
• C) customer service, return policy, and warranty
• D) kindness, information provision, and speed
• E) physiological benefits, sensual benefits, and psychological benefits

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Definitions:

Marginal Product

The additional output resulting from the use of one more unit of a production factor.

Factor Of Production

An economic term describing the inputs used in the production of goods or services to earn an income, namely labor, capital, land, and entrepreneurship.

Marginal Productivity Theory

A theory stating that the demand for a factor of production is derived from the marginal product that the factor adds to the output.

Equilibrium Value

The price and quantity at which supply and demand in a market are balanced.