Expected Customer Services Are Generally Offered _____

question 48

Multiple Choice

Expected customer services are generally offered _____.

• A)to all customers
• B)free-of-charge
• C)at a fee which enables the retailer to break even
• D)at a fee which enables the retailer to earn a fair profit over the cost of the service

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Definitions:

Equilibrium Price

The market price at which the quantity of a good or service demanded equals the quantity supplied.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price in a market.

Market

An economic system or environment where buyers and sellers interact to exchange goods and services for money or barter.

Merit Raise

A salary increase awarded to employees based on their job performance.