Suppose You Could Quantify the Amount of Satisfaction You Receive

question 168

Multiple Choice

Suppose you could quantify the amount of satisfaction you receive from consuming ice cream in money terms.You might say,"I expect to get $3 worth of satisfaction from this ice cream cone." According to traditional economic theory,if the price of this ice cream cone were $3.05,would you buy one?

• A) Sure, why not? What's a nickel?
• B) Absolutely. It's worth it at that price.
• C) No way, because it's not worth it.
• D) There is no way to answer this question because you really can't compare the price of something and the amount of satisfaction you expect to receive from it.

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Definitions:

Pricing Obstacles

Challenges or factors that prevent a company from setting prices at the desired level or according to its strategic objectives.

Supply Chain

The entire system comprising people, organizations, resources, processes, and technology responsible for bringing a product from its raw material state, through manufacturing, to its final delivery to the consumer.

Demand Forecasts

are predictions about future consumer demand for products or services, based on historical data, market trends, and analysis, used for planning purposes.

Consumer Demand

Consumer demand refers to the desire and ability of purchasers to acquire goods or services at a given price.