Which of the Following Is a Service Component Customers Use

question 50

Multiple Choice

Which of the following is a service component customers use to evaluate service quality?

• A) validity
• B) assurance
• C) friendliness
• D) refund ability

Distinguish between perfectly inelastic and perfectly elastic demand.

Analyze the relationship between price changes and total revenue.

Identify the elasticity section of the demand curve (elastic, inelastic, unit elastic).

Understand the effect of government policies on consumption based on price elasticity.

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Definitions:

Payments

The act of transferring money to fulfill an obligation, such as in purchasing goods or services or repaying a loan.

Penalty

A punishment imposed for breaking a law, rule, or contract, which often involves paying a fine or forfeiting something.

Mark-Up

The amount added to the cost of a product or service to cover overhead and profit.

Selling Price

The amount of money for which a product is sold to the customer, after accounting for discounts, rebates, and other adjustments.