Neil Bought an Expensive Cell Phone and Felt That the Price

question 98

Multiple Choice

Neil bought an expensive cell phone and felt that the price was justified for the features provided. However, he faced some technical issues within a week of the purchase and took the cell phone to the nearest service center. He was promptly attended by the customer support staff, and his cell phone was replaced with a new one. Neil was satisfied with the way the company handled his complaint. In the given scenario, the satisfaction experienced by Neil can be best explained by the concept of _____.

• A) restorative justice
• B) procedural justice
• C) retributive justice
• D) retaliatory justice

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Definitions:

Black-Scholes

A mathematical model used for pricing European call and put options, considering factors like stock price, strike price, volatility, and time to expiration.

European Options

Financial derivatives that give the holder the right, but not the obligation, to buy or sell an underlying asset at a specified price on a specified expiration date.

American Options

Options that can be exercised at any time up to the expiration date.

Call Option

A financial contract giving the buyer the right, but not the obligation, to buy a stock, bond, commodity, or other asset at a specified price within a specific time period.