Recent Surveys of Consumers Have Indicated That While Customers of Many

question 193

Multiple Choice

Recent surveys of consumers have indicated that while customers of many services are interested in being "relationship customers," they require that the relationship be balanced in terms of

• A)honesty,a lack of prejudice,and empathy.
• B)loyalty,benefits,and respect for privacy.
• C)loyalty,honesty,and integrity.
• D)financial benefits,product benefits,and preferential treatment.
• E)financial benefits,product benefits,and personal benefits.

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Definitions:

Price Elasticity

Refers to the responsiveness of the quantity demanded or supplied of a good or service to a change in its price.

Quantity Demanded

The full quantity of a good or service that consumers are inclined and financially capable of purchasing at a designated price.

Price Elasticity

An indicator for the degree to which the supply or demand level of a good adjusts following a change in its price.

Midpoint Method

A technique used in economics to measure the elasticity of demand or supply, which calculates the percentage change between two points by dividing the difference by the average of those points.