Goolsbee (2018) addresses the convenience factor and why we are too often bumbled into allowing a company the power to monopolize us.
1. What did researchers Brent Neiman and Joseph Vavra find out about individual purchases grocery and big-box stores?
2. Based on the Neiman and Vavra study, the more specialized the demand, the _____ the prices people pay and the _________ the market power possessed by a company.
3. Goolsbee argues that behavioral traps need to be discussed in terms of their corporate market power. After reading the article, what do you think are some of the underlying causes of these phenomena from the consumer perspective?
4. In conclusion, what does Goolsbee suggest to keep company practices in check and keep companies guessing about consumer choices?
Goolsbee, A. (2018). How Consumers Can Resist Companies’ Market Power. The New York Times, July 20 (Retrievable online at https://www.nytimes.com/2018/07/20/business/how-consumers-can-resist-companies-market-power.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=mini-moth®ion=top-stories-below&WT.nav=top-stories-below)