Suppose Dublin Electronics Charges Regular Customers $60 for a Blu-Ray

question 170

Multiple Choice

Suppose Dublin Electronics charges regular customers $60 for a Blu-ray player but allows senior citizens to purchase the same item for $45.Is this likely to be a successful price discriminating strategy?

• A)Yes, firms price discriminate to maximize profits.
• B)No, price discrimination will not be effective because the store cannot prevent senior citizens from buying large quantities of Blu-ray players and reselling them for a profit.
• C)Yes, because senior citizens are likely to have a more elastic demand and therefore will be willing to pay a lower price compared to regular customers.
• D)No, because there are many different brands of Blu-ray players and consumers will shop around.

Identify the characteristics of critical thinking skills as transcontextual.

Understand the influence of unconscious motivations on overt behaviour.

Apply psychological concepts such as behaviour modification to practical scenarios.

Grasp the main focus and historical development of various schools of psychology, including functionalism.

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Definitions:

Alertness

The state of being vigilant and ready to respond quickly to potential dangers or problems.

Homeostasis

The self-regulating process by which biological systems tend to maintain stability while adjusting to conditions that are optimal for survival.

Thermostat

A device used for regulating the temperature of a system so that the system's temperature is maintained near a desired set-point.

Cooler

A term that can refer to a device or container used to keep things cool, particularly food and drinks, by using ice or other refrigerants.