In a Survey of Consumers, Daniel Kaheman, Jack Knetsch and Richard

question 257

Multiple Choice

In a survey of consumers, Daniel Kaheman, Jack Knetsch and Richard Thaler asked their opinion of a hardware store's decision to

• A) go out of business because a larger hardware store opened in the same city; 82 percent of those surveyed believed it was unfair for the larger store to compete with the smaller store.
• B) raise the price of snow shovels the day following a snowstorm; 82 percent of those surveyed believed this was unfair.
• C) sell tickets to sporting and cultural events at prices higher than prices paid at the ticket windows for the same events; 82 percent of those surveyed believed this was unfair.
• D) remain in business even though the store was not making an economic profit; 82 percent of those surveyed believed it would be unfair for the store to go out of business if there no other hardware stores in the same area.

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Definitions:

Prepare

The act of making something ready for use or consideration.

Exam

A formal test of a person's knowledge or proficiency in a particular subject or skill.

Enumerate Options

The process of listing or detailing possible choices, alternatives, or solutions systematically.

Problem Solving

The process of identifying a challenge or difficulty and finding a practical and effective solution.