An Electronic Retailer Advertised That Returns Would Be Quick and Easy

question 8

Multiple Choice

An electronic retailer advertised that returns would be quick and easy if customers were dissatisfied with a product. However, customers were unable to find any detailed information about the retailer's return policies on its website and on the purchase invoice. This lack of information is an example of a

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

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Definitions:

Substitute Goods

Substitute goods are products or services that can be used in place of each other, fulfilling similar needs or desires.

Consumer Income

The total amount of income earned by consumers, impacting their ability to purchase goods and services.

Equilibrium Price

The price at which the quantity of goods demanded is equal to the quantity of goods supplied, leading to a market balance.

Equilibrium Quantity

At the market price, the amount of goods or services available perfectly matches the amount consumers want to buy.