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Gerrit: While browsing in a record store I noticed that one copy of a recording I wanted had mistakenly been priced at a quarter of the list price. When I finally reached the cashier, I was told that the price had been mismarked and I would have to pay the full list price. Since I had wasted an hour standing in line, the retailer was morally obligated to sell me the recording at the lower price.
Saskia: I disagree. You knew that a mistake had been made, and you were simply trying to take advantage of that mistake.
Which one of the following principles, if established, would most help to justify Saskia’s position?
- a)The price displayed on an item in a retail store morally constitutes an irrevocable offer to sell the item at that price.
- b)Customers of retail stores are morally entitled to profit from any mistakes that the retailers make in marking prices.
- c)Retailers are morally entitled to update marked prices periodically in order to reflect changes in manufacturers’ suggested prices.
- d)Retailers are morally obligated to meet expectations about prices that they have intentionally encouraged their customers to hold.
- e)Retailers are morally obligated to sell an item to a customer at a mismarked price only if that customer was genuinely misled about the intended price by the mismarking.
Correct answer is option 'E'. Can you explain this answer?
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Gerrit: While browsing in a record store I noticed that one copy of a ...
This question presents a disagreement between Gerrit and Saskia regarding the moral obligation of a retailer to sell a recording at a lower price due to a pricing mistake. Saskia disagrees with Gerrit's expectation of receiving the lower price, arguing that he was aware of the mistake and was trying to take advantage of it. The question asks which principle would most help justify Saskia's position.
Let's analyze each option:
(A) The price displayed on an item in a retail store morally constitutes an irrevocable offer to sell the item at that price.
This principle would support Gerrit's position, as it suggests that the retailer is obligated to sell the item at the displayed price. It does not align with Saskia's argument, so it is not the correct choice.
This principle would support Gerrit's position, as it suggests that the retailer is obligated to sell the item at the displayed price. It does not align with Saskia's argument, so it is not the correct choice.
(B) Customers of retail stores are morally entitled to profit from any mistakes that the retailers make in marking prices.
This principle directly supports Gerrit's position, as it states that customers have the moral right to benefit from pricing mistakes. It contradicts Saskia's stance, so it is not the correct choice.
This principle directly supports Gerrit's position, as it states that customers have the moral right to benefit from pricing mistakes. It contradicts Saskia's stance, so it is not the correct choice.
(C) Retailers are morally entitled to update marked prices periodically in order to reflect changes in manufacturers’ suggested prices.
This principle does not address the issue at hand. It discusses retailers' entitlement to update prices based on manufacturer suggestions, but it does not provide justification for the retailer's decision to correct a pricing mistake. Therefore, it is not the correct choice.
This principle does not address the issue at hand. It discusses retailers' entitlement to update prices based on manufacturer suggestions, but it does not provide justification for the retailer's decision to correct a pricing mistake. Therefore, it is not the correct choice.
(D) Retailers are morally obligated to meet expectations about prices that they have intentionally encouraged their customers to hold.
This principle focuses on retailers meeting the expectations they have intentionally created regarding prices. While it addresses a retailer's obligations, it does not pertain directly to the pricing mistake situation described. Hence, it is not the correct choice.
This principle focuses on retailers meeting the expectations they have intentionally created regarding prices. While it addresses a retailer's obligations, it does not pertain directly to the pricing mistake situation described. Hence, it is not the correct choice.
(E) Retailers are morally obligated to sell an item to a customer at a mismarked price only if that customer was genuinely misled about the intended price by the mismarking.
This principle aligns with Saskia's position by suggesting that retailers are morally obligated to sell an item at a mismarked price only if the customer was genuinely misled by the pricing error. Since Gerrit was aware of the mistake, he was not genuinely misled, and therefore Saskia's position is supported by this principle. Hence, (E) is the correct choice.
This principle aligns with Saskia's position by suggesting that retailers are morally obligated to sell an item at a mismarked price only if the customer was genuinely misled by the pricing error. Since Gerrit was aware of the mistake, he was not genuinely misled, and therefore Saskia's position is supported by this principle. Hence, (E) is the correct choice.
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Gerrit: While browsing in a record store I noticed that one copy of a recording I wanted had mistakenly been priced at a quarter of the list price. When I finally reached the cashier, I was told that the price had been mismarked and I would have to pay the full list price. Since I had wasted an hour standing in line, the retailer was morally obligated to sell me the recording at the lower price.Saskia: I disagree. You knew that a mistake had been made, and you were simply trying to take advantage of that mistake.Which one of the following principles, if established, would most help to justify Saskia’s position?a)The price displayed on an item in a retail store morally constitutes an irrevocable offer to sell the item at that price.b)Customers of retail stores are morally entitled to profit from any mistakes that the retailers make in marking prices.c)Retailers are morally entitled to update marked prices periodically in order to reflect changes in manufacturers’ suggested prices.d)Retailers are morally obligated to meet expectations about prices that they have intentionally encouraged their customers to hold.e)Retailers are morally obligated to sell an item to a customer at a mismarked price only if that customer was genuinely misled about the intended price by the mismarking.Correct answer is option 'E'. Can you explain this answer?
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Gerrit: While browsing in a record store I noticed that one copy of a recording I wanted had mistakenly been priced at a quarter of the list price. When I finally reached the cashier, I was told that the price had been mismarked and I would have to pay the full list price. Since I had wasted an hour standing in line, the retailer was morally obligated to sell me the recording at the lower price.Saskia: I disagree. You knew that a mistake had been made, and you were simply trying to take advantage of that mistake.Which one of the following principles, if established, would most help to justify Saskia’s position?a)The price displayed on an item in a retail store morally constitutes an irrevocable offer to sell the item at that price.b)Customers of retail stores are morally entitled to profit from any mistakes that the retailers make in marking prices.c)Retailers are morally entitled to update marked prices periodically in order to reflect changes in manufacturers’ suggested prices.d)Retailers are morally obligated to meet expectations about prices that they have intentionally encouraged their customers to hold.e)Retailers are morally obligated to sell an item to a customer at a mismarked price only if that customer was genuinely misled about the intended price by the mismarking.Correct answer is option 'E'. Can you explain this answer? for GMAT 2025 is part of GMAT preparation. The Question and answers have been prepared according to the GMAT exam syllabus. Information about Gerrit: While browsing in a record store I noticed that one copy of a recording I wanted had mistakenly been priced at a quarter of the list price. When I finally reached the cashier, I was told that the price had been mismarked and I would have to pay the full list price. Since I had wasted an hour standing in line, the retailer was morally obligated to sell me the recording at the lower price.Saskia: I disagree. You knew that a mistake had been made, and you were simply trying to take advantage of that mistake.Which one of the following principles, if established, would most help to justify Saskia’s position?a)The price displayed on an item in a retail store morally constitutes an irrevocable offer to sell the item at that price.b)Customers of retail stores are morally entitled to profit from any mistakes that the retailers make in marking prices.c)Retailers are morally entitled to update marked prices periodically in order to reflect changes in manufacturers’ suggested prices.d)Retailers are morally obligated to meet expectations about prices that they have intentionally encouraged their customers to hold.e)Retailers are morally obligated to sell an item to a customer at a mismarked price only if that customer was genuinely misled about the intended price by the mismarking.Correct answer is option 'E'. Can you explain this answer? covers all topics & solutions for GMAT 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Gerrit: While browsing in a record store I noticed that one copy of a recording I wanted had mistakenly been priced at a quarter of the list price. When I finally reached the cashier, I was told that the price had been mismarked and I would have to pay the full list price. Since I had wasted an hour standing in line, the retailer was morally obligated to sell me the recording at the lower price.Saskia: I disagree. You knew that a mistake had been made, and you were simply trying to take advantage of that mistake.Which one of the following principles, if established, would most help to justify Saskia’s position?a)The price displayed on an item in a retail store morally constitutes an irrevocable offer to sell the item at that price.b)Customers of retail stores are morally entitled to profit from any mistakes that the retailers make in marking prices.c)Retailers are morally entitled to update marked prices periodically in order to reflect changes in manufacturers’ suggested prices.d)Retailers are morally obligated to meet expectations about prices that they have intentionally encouraged their customers to hold.e)Retailers are morally obligated to sell an item to a customer at a mismarked price only if that customer was genuinely misled about the intended price by the mismarking.Correct answer is option 'E'. Can you explain this answer?.
Gerrit: While browsing in a record store I noticed that one copy of a recording I wanted had mistakenly been priced at a quarter of the list price. When I finally reached the cashier, I was told that the price had been mismarked and I would have to pay the full list price. Since I had wasted an hour standing in line, the retailer was morally obligated to sell me the recording at the lower price.Saskia: I disagree. You knew that a mistake had been made, and you were simply trying to take advantage of that mistake.Which one of the following principles, if established, would most help to justify Saskia’s position?a)The price displayed on an item in a retail store morally constitutes an irrevocable offer to sell the item at that price.b)Customers of retail stores are morally entitled to profit from any mistakes that the retailers make in marking prices.c)Retailers are morally entitled to update marked prices periodically in order to reflect changes in manufacturers’ suggested prices.d)Retailers are morally obligated to meet expectations about prices that they have intentionally encouraged their customers to hold.e)Retailers are morally obligated to sell an item to a customer at a mismarked price only if that customer was genuinely misled about the intended price by the mismarking.Correct answer is option 'E'. Can you explain this answer? for GMAT 2025 is part of GMAT preparation. The Question and answers have been prepared according to the GMAT exam syllabus. Information about Gerrit: While browsing in a record store I noticed that one copy of a recording I wanted had mistakenly been priced at a quarter of the list price. When I finally reached the cashier, I was told that the price had been mismarked and I would have to pay the full list price. Since I had wasted an hour standing in line, the retailer was morally obligated to sell me the recording at the lower price.Saskia: I disagree. You knew that a mistake had been made, and you were simply trying to take advantage of that mistake.Which one of the following principles, if established, would most help to justify Saskia’s position?a)The price displayed on an item in a retail store morally constitutes an irrevocable offer to sell the item at that price.b)Customers of retail stores are morally entitled to profit from any mistakes that the retailers make in marking prices.c)Retailers are morally entitled to update marked prices periodically in order to reflect changes in manufacturers’ suggested prices.d)Retailers are morally obligated to meet expectations about prices that they have intentionally encouraged their customers to hold.e)Retailers are morally obligated to sell an item to a customer at a mismarked price only if that customer was genuinely misled about the intended price by the mismarking.Correct answer is option 'E'. Can you explain this answer? covers all topics & solutions for GMAT 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Gerrit: While browsing in a record store I noticed that one copy of a recording I wanted had mistakenly been priced at a quarter of the list price. When I finally reached the cashier, I was told that the price had been mismarked and I would have to pay the full list price. Since I had wasted an hour standing in line, the retailer was morally obligated to sell me the recording at the lower price.Saskia: I disagree. You knew that a mistake had been made, and you were simply trying to take advantage of that mistake.Which one of the following principles, if established, would most help to justify Saskia’s position?a)The price displayed on an item in a retail store morally constitutes an irrevocable offer to sell the item at that price.b)Customers of retail stores are morally entitled to profit from any mistakes that the retailers make in marking prices.c)Retailers are morally entitled to update marked prices periodically in order to reflect changes in manufacturers’ suggested prices.d)Retailers are morally obligated to meet expectations about prices that they have intentionally encouraged their customers to hold.e)Retailers are morally obligated to sell an item to a customer at a mismarked price only if that customer was genuinely misled about the intended price by the mismarking.Correct answer is option 'E'. Can you explain this answer?.
Solutions for Gerrit: While browsing in a record store I noticed that one copy of a recording I wanted had mistakenly been priced at a quarter of the list price. When I finally reached the cashier, I was told that the price had been mismarked and I would have to pay the full list price. Since I had wasted an hour standing in line, the retailer was morally obligated to sell me the recording at the lower price.Saskia: I disagree. You knew that a mistake had been made, and you were simply trying to take advantage of that mistake.Which one of the following principles, if established, would most help to justify Saskia’s position?a)The price displayed on an item in a retail store morally constitutes an irrevocable offer to sell the item at that price.b)Customers of retail stores are morally entitled to profit from any mistakes that the retailers make in marking prices.c)Retailers are morally entitled to update marked prices periodically in order to reflect changes in manufacturers’ suggested prices.d)Retailers are morally obligated to meet expectations about prices that they have intentionally encouraged their customers to hold.e)Retailers are morally obligated to sell an item to a customer at a mismarked price only if that customer was genuinely misled about the intended price by the mismarking.Correct answer is option 'E'. Can you explain this answer? in English & in Hindi are available as part of our courses for GMAT.
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Here you can find the meaning of Gerrit: While browsing in a record store I noticed that one copy of a recording I wanted had mistakenly been priced at a quarter of the list price. When I finally reached the cashier, I was told that the price had been mismarked and I would have to pay the full list price. Since I had wasted an hour standing in line, the retailer was morally obligated to sell me the recording at the lower price.Saskia: I disagree. You knew that a mistake had been made, and you were simply trying to take advantage of that mistake.Which one of the following principles, if established, would most help to justify Saskia’s position?a)The price displayed on an item in a retail store morally constitutes an irrevocable offer to sell the item at that price.b)Customers of retail stores are morally entitled to profit from any mistakes that the retailers make in marking prices.c)Retailers are morally entitled to update marked prices periodically in order to reflect changes in manufacturers’ suggested prices.d)Retailers are morally obligated to meet expectations about prices that they have intentionally encouraged their customers to hold.e)Retailers are morally obligated to sell an item to a customer at a mismarked price only if that customer was genuinely misled about the intended price by the mismarking.Correct answer is option 'E'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Gerrit: While browsing in a record store I noticed that one copy of a recording I wanted had mistakenly been priced at a quarter of the list price. When I finally reached the cashier, I was told that the price had been mismarked and I would have to pay the full list price. Since I had wasted an hour standing in line, the retailer was morally obligated to sell me the recording at the lower price.Saskia: I disagree. You knew that a mistake had been made, and you were simply trying to take advantage of that mistake.Which one of the following principles, if established, would most help to justify Saskia’s position?a)The price displayed on an item in a retail store morally constitutes an irrevocable offer to sell the item at that price.b)Customers of retail stores are morally entitled to profit from any mistakes that the retailers make in marking prices.c)Retailers are morally entitled to update marked prices periodically in order to reflect changes in manufacturers’ suggested prices.d)Retailers are morally obligated to meet expectations about prices that they have intentionally encouraged their customers to hold.e)Retailers are morally obligated to sell an item to a customer at a mismarked price only if that customer was genuinely misled about the intended price by the mismarking.Correct answer is option 'E'. Can you explain this answer?, a detailed solution for Gerrit: While browsing in a record store I noticed that one copy of a recording I wanted had mistakenly been priced at a quarter of the list price. When I finally reached the cashier, I was told that the price had been mismarked and I would have to pay the full list price. Since I had wasted an hour standing in line, the retailer was morally obligated to sell me the recording at the lower price.Saskia: I disagree. You knew that a mistake had been made, and you were simply trying to take advantage of that mistake.Which one of the following principles, if established, would most help to justify Saskia’s position?a)The price displayed on an item in a retail store morally constitutes an irrevocable offer to sell the item at that price.b)Customers of retail stores are morally entitled to profit from any mistakes that the retailers make in marking prices.c)Retailers are morally entitled to update marked prices periodically in order to reflect changes in manufacturers’ suggested prices.d)Retailers are morally obligated to meet expectations about prices that they have intentionally encouraged their customers to hold.e)Retailers are morally obligated to sell an item to a customer at a mismarked price only if that customer was genuinely misled about the intended price by the mismarking.Correct answer is option 'E'. Can you explain this answer? has been provided alongside types of Gerrit: While browsing in a record store I noticed that one copy of a recording I wanted had mistakenly been priced at a quarter of the list price. When I finally reached the cashier, I was told that the price had been mismarked and I would have to pay the full list price. Since I had wasted an hour standing in line, the retailer was morally obligated to sell me the recording at the lower price.Saskia: I disagree. You knew that a mistake had been made, and you were simply trying to take advantage of that mistake.Which one of the following principles, if established, would most help to justify Saskia’s position?a)The price displayed on an item in a retail store morally constitutes an irrevocable offer to sell the item at that price.b)Customers of retail stores are morally entitled to profit from any mistakes that the retailers make in marking prices.c)Retailers are morally entitled to update marked prices periodically in order to reflect changes in manufacturers’ suggested prices.d)Retailers are morally obligated to meet expectations about prices that they have intentionally encouraged their customers to hold.e)Retailers are morally obligated to sell an item to a customer at a mismarked price only if that customer was genuinely misled about the intended price by the mismarking.Correct answer is option 'E'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Gerrit: While browsing in a record store I noticed that one copy of a recording I wanted had mistakenly been priced at a quarter of the list price. When I finally reached the cashier, I was told that the price had been mismarked and I would have to pay the full list price. Since I had wasted an hour standing in line, the retailer was morally obligated to sell me the recording at the lower price.Saskia: I disagree. You knew that a mistake had been made, and you were simply trying to take advantage of that mistake.Which one of the following principles, if established, would most help to justify Saskia’s position?a)The price displayed on an item in a retail store morally constitutes an irrevocable offer to sell the item at that price.b)Customers of retail stores are morally entitled to profit from any mistakes that the retailers make in marking prices.c)Retailers are morally entitled to update marked prices periodically in order to reflect changes in manufacturers’ suggested prices.d)Retailers are morally obligated to meet expectations about prices that they have intentionally encouraged their customers to hold.e)Retailers are morally obligated to sell an item to a customer at a mismarked price only if that customer was genuinely misled about the intended price by the mismarking.Correct answer is option 'E'. Can you explain this answer? tests, examples and also practice GMAT tests.
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