Question

The ticket price of an item is 15, but at the cash register the purchase price is 12.00. This is an example of a:

1) Discount
2) Rebate
3) Recall
4) Value

Answer 1

A shopper paying $12.00 for an originally $15.00 item is receiving a discount, a concept commonly discussed in microeconomics to describe consumer savings and consumer surplus.

Step-by-step explanation:

When a shopper gets a "good deal" on a product, it is an example of a discount. A discount is a reduction in the price of an item or service. In this case, the ticket price was $15, but the purchase price at the cash register was $12, indicating a discount of $3.

When a shopper pays $12.00 at the cash register for an item ticketed at $15.00, it represents a discount. A discount is a reduction from the original price which makes the purchase price lower, allowing the buyer to save money. It's common in retail settings to attract customers and increase sales. Economists might view this as consumer surplus, where the shopper gets more value than the price paid. The example provided would be a simple case at the microeconomic level, illustrating how prices can change and how discounts affect the amount spent by consumers for goods and services.