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:

Conflict

A situation where individuals, groups, or nations experience a clash due to differing needs, interests, or views, leading to tensions or disputes.

Ecological Theory

A framework that explores the interrelation between individuals and their environments, emphasizing the complex systems through which these interactions are mediated and impact development.

Established Group

A group that has settled into a recognizable structure or role within a society or organization, often with a clear identity and longevity.

Invading Group

A population that enters a territory or community with the intention of taking control, often causing conflict or disruption.