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Questions and Answers
Pricing services is a simple task compared to pricing goods.
Pricing services is a simple task compared to pricing goods.
False (B)
Service providers base their prices on the cost of goods sold.
Service providers base their prices on the cost of goods sold.
False (B)
Consumers always know the actual price they will pay for a service before it is completed.
Consumers always know the actual price they will pay for a service before it is completed.
False (B)
The demand for services tends to be more elastic than the demand for goods.
The demand for services tends to be more elastic than the demand for goods.
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Service consumers are more likely to use price as an indicator of quality.
Service consumers are more likely to use price as an indicator of quality.
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Comparing prices of competitors is easier for service consumers.
Comparing prices of competitors is easier for service consumers.
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Self-service is not considered a competitive alternative in the service sector.
Self-service is not considered a competitive alternative in the service sector.
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There are fewer different names for price in the service sector compared to the goods sector.
There are fewer different names for price in the service sector compared to the goods sector.
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Consumers can easily stockpile services by taking advantage of discount prices.
Consumers can easily stockpile services by taking advantage of discount prices.
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