You Get a Cup of Coffee from a Vending Machine

question 32

Multiple Choice

You get a cup of coffee from a vending machine each morning. Two mornings in a row, the machine accepts your coins but does not supply coffee. The next day you bring a thermos of coffee with you. Your reaction to the vending machine illustrates that ______________ has occurred.

• A) discrimination
• B) extinction
• C) negative reinforcement
• D) spontaneous recovery

Comprehend the pricing strategies in various retail formats including vending machines.

Grasp the global impact and significance of retailing.

Explain the dynamics between franchisees and franchisors.

Identify the characteristics of specific retail formats such as destination malls.

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Definitions:

Actual Prices

The real prices at which goods and services are sold, differing from list or nominal prices.

Labor Rate Variance

The difference between the actual cost of labor and the budgeted or standard cost, based on the labor rate.

Actual Rate

A term that can refer to the real, observed interest rate, exchange rate, or other financial variable in contrast to a theoretical or estimated rate.

Standard Hours

The expected time it should take to complete a specific task or produce a given quantity of goods under normal conditions.