Hector Ordered a Model Fighter Jet at a Discounted Price

question 34

Multiple Choice

Hector ordered a model fighter jet at a discounted price of $22 from a hobby catalog. However, he was charged an extra $10 for shipping charges that were not mentioned anywhere on the catalog. He decided never to buy anything from that catalog again. Due to a ________, the catalog retailer lost a customer.

• A) delivery gap
• B) communications gap
• C) market gap
• D) knowledge gap
• E) research gap

Assess the accuracy and reliability of research findings, especially from Internet sources.

Understand the advantages and limitations of participant observation in sociological research.

Recognize the role and relevance of historical research in sociology.

Understand the concept of socialization and its role in shaping human behavior and the self-concept.

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Definitions:

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, with elasticity greater than one indicating a responsive market.

Inelastic

Describing a situation where a change in the price of a good or service has a relatively small effect on the quantity demanded or supplied.

Price Elasticity

The responsiveness of the quantity demanded or supplied of a good to a change in its price, commonly referred to in economics as price elasticity of demand or supply.

Quantity Demanded

The total amount of a good or service that consumers are willing to buy at a given price over a specified period.