Unlike developed countries, people in under-developed countries usually haggle over the prices of everyday items because:
A)the cost of production is low.
B)the products are in general of poor quality.
C)of the differences in the opportunity cost of time.
D)adequate substitutes are available.

Question

Quizplus · Accepted Answer

In under-developed countries, the opportunity cost of time is typically lower than in developed countries. This means that haggling over prices can be seen as a worthwhile use of time in order to secure a better deal. Additionally, in many cases, there may not be adequate substitutes available, making negotiation over price even more important for consumers. The cost of production and quality of products are not necessarily factors that dictate haggling behavior.

Unlike Developed Countries, People in Under-Developed Countries Usually Haggle Over