Final answer:
The Correct option is 1). The practice of obtaining information in a physical store but conducting the purchase online to save money is known as Channel Surfing. It is identified by the benefit of lower prices and the avoidance of sales tax. Other purchasing scenarios explored show varied levels of imperfect information, depending on tangibility and immediacy.
Step-by-step explanation:
The phenomenon when the customer gets needed information in the store and then orders it online for a lower price to avoid paying state sales tax is known as Channel Surfing. This shopping behavior exploits the tactile advantages of a brick-and-mortar retailer, yet it transfers the actual transaction to an online marketplace, often to benefit from lower prices and tax advantages.
Regarding the self-check questions related to the degree of imperfect information in various purchasing scenarios:
- Buying apples at a roadside stand would typically have a relatively low degree of imperfect information since the product is simple and tangible.
- Buying dinner at the neighborhood restaurant would also generally have a relatively low degree of imperfect information as the experience and quality of food can be judged immediately.
- Buying a used laptop at a garage sale would have a relatively high degree of imperfect information due to risks concerning the product's history and functionality.
- Ordering flowers over the internet would involve a relatively high degree of imperfect information as the buyer cannot see the flowers and must rely on the vendor's description and pictures.
As for the term an economist would use to describe what happens when a shopper gets a "good deal" on a product, it would be referred to as achieving consumer surplus, where the customer's willingness to pay exceeds the actual price of the product, thus resulting in added satisfaction or utility.