The Iceberg Metaphor Shows That Many Customers Try to Negotiate

question 4

Multiple Choice

The iceberg metaphor shows that many customers try to negotiate on price because:

• A)price is often inflated to attempt to maximize profits for the company
• B)price is the most easily quantifiable characteristic of any product
• C)they were trained to negotiate on price and price alone
• D)they feel that they are not fulfilling their duties as buyers if they do not attempt to get lower prices
• E)they do not realize that other factors,such as service and terms,can be more important to long-term satisfaction

Recognize and explain the significance of social solidarity and patterns of social relations in everyday life and societal organization.

Appreciate the importance of evidence-based research and the scientific method in sociology.

Comprehend the impact of the industrial revolution and other historical movements on the evolution of societies.

Understand and differentiate between core sociological theories: functionalism, conflict theory, symbolic interactionism, and feminism.

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Definitions:

Pigovian Externality

A situation where a market activity imposes a positive or negative cost or benefit on a third-party that is not reflected in the market price.

Free-Rider Problem

A situation in a shared-resource system where individuals consume more than their fair share or pay less than their fair share of the cost.

Free-Rider Problem

A situation where individuals consume a public good without contributing to its cost, undermining the provision of that good.

Public Goods

are commodities or services that are provided without profit to all members of a society, either by the government or a private individual or organization.