When Williams-Sonoma Introduced Its First Bread Baker at $200, Sales

question 1

Multiple Choice

When Williams-Sonoma introduced its first bread baker at $200, sales were low. But when it decided to offer a fancier $300 version, sales of the $200 bread baker rose tremendously. An economist concluded that consumers needed another bread baker for comparison to decide whether the $200 bread baker was a deal. This economist is likely to be a(n) :

• A) traditional economist.
• B) behavioral economist.
• C) irrational economist.
• D) engineering economist.

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Definitions:

Ideal System

A theoretical or conceptual model representing the most desirable or perfect attributes of a system or method.

Structured Interviews

A method of data collection that involves asking all participants the same set of predetermined questions in the same order to ensure consistency in the responses.

Scientific Research

A methodical study and investigation conducted to establish facts and reach new conclusions.

International Statistical Classification

A system for classifying diseases and related health problems developed by the World Health Organization (WHO).