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Jayna recently participated in a study at the local university hospital. As she was waiting in the study's waiting room the staff approached her and apologized for the temperature in the room. She was informed that the temperature of the waiting room would continue to increase because the thermostat was broken and scheduled to be fixed later that week. Researchers provided her with cold beverages and warm beverages as she waited and had her complete some measures while she was waiting to be called. Little did Jayna know that she was already part of the study. There was nothing wrong with the waiting room's temperature and researchers monitored the numbers of beverages she drank and found that she only had cold beverages and noted multiple times how hot and uncomfortable the room was. Jayna was most likely in the:
Inelastic Demand
A market situation where the demand for a product does not significantly change in response to price changes.
Elastic Demand
A situation in the market where the desire for a product or service sharply varies with the adjustments in its cost.
Price Discrimination
The practice of charging different people or groups of people different prices that are not cost justified.
Perfect Price Discrimination
A pricing strategy where a seller charges the maximum possible price to each customer based on their willingness to pay, capturing all consumer surplus as profit.
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