Kimberly Loves the Ham and Turkey from the Heavenly Ham

question 15

Multiple Choice

Kimberly loves the ham and turkey from the Heavenly Ham store. There is only one store in her town, though, and it is pretty far away. She goes that direction on Saturdays for her daughter's music lesson, but by the time it's over and she's heading home, the store is already closed. Sometimes, she brings a cooler and stops there before her daughter's lesson, but most of the time she forgets to bring the cooler. She usually ends up buying lunch meat at the grocery deli. Which reason for changing providers does this represent?

• A) involuntary switching
• B) responses to service failures
• C) pricing
• D) inconvenience
• E) ethical problems

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Definitions:

Behavioral Economics

A field of economic research that examines psychological, cognitive, emotional, cultural, and social factors on economic decisions.

Loss Aversion

A principle in behavioral economics stating that individuals tend to prefer avoiding losses to acquiring equivalent gains.

Price Increase

A rise in the cost of goods or services over time, often measured as a percentage.

Quality Reduction

A decrease in the standard or grade of products or services, often as a cost-saving measure by producers.