Lori Went into an Electronics Store That Had a Sign

question 14

Multiple Choice

Lori went into an electronics store that had a sign posted on the wall declaring "All sales final!" She told the salesperson that she was looking for an iPod with Pandora, so that she could listen to streaming music while working out in her wifi-enabled health club. The salesperson selected a wifi-capable iPod and told Lori that she could receive Pandora as long as the fitness center had wifi. The next day, when Lori tried to use the iPod at the fitness center with wifi, she found that she could only hear static. Which of the following is true of this situation?

• A) Lori will be unable to return the iPod because the store's policy said "All sales final!" at the time of the purchase.
• B) Lori may not be able to claim a refund, since the iPod will be declared as merchantable.
• C) Lori can claim a refund of the iPod on the basis of an implied warranty of fitness for a particular purpose created by the salesperson.
• D) Lori can claim a refund from the store based on a limited warranty that is practiced in the electronics industry.

Identify financial performance indicators from variances in budget reports.

Evaluate the efficiency of resource utilization in various operational contexts.

Understand the relationship between the cost formula, budgeted activity, and actual activity.

Develop critical thinking skills in financial analysis and decision-making.

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Definitions:

Consumer Preference

Consumer preference refers to the subjective tastes and choices of individuals regarding different goods and services, influenced by factors such as price, quality, and personal tastes.

Indifference Curves

Graphical representations in economics that show different combinations of two goods that provide equal satisfaction and utility to a consumer.

Consumption Choice

The decision made by consumers on how to allocate their income among various goods and services to maximize their utility.

Marginal Utility

The extra pleasure or benefit gained by a consumer from using an additional unit of a product or service.