Earl was known for driving 30 miles just to save a dollar on the price of his favorite beverage.Earl perceived price as _______ for a good or service,while most consumers recognize price as the _______ made to acquire a good or service.
A) the money paid; overall sacrifice
B) a variable cost; fixed cost
C) a fixed cost; variable payment
D) the overall sacrifice; monetary payment
E) the break-even amount; total cost

Question

Quizplus · Accepted Answer

Earl's behavior illustrates that he views price primarily as the monetary amount paid for a good, whereas the general consumer perspective is that price represents the total sacrifice (including time, effort, and money) made to obtain a product.

Earl Was Known for Driving 30 Miles Just to Save