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resolve the paradox - high prices of products..

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by ice_rush » Mon Apr 09, 2012 2:11 pm
People always seem to associate high prices of products with high quality. But price is not necessarily an indicator of quality. The best teas are often no more expensive than the lower quality teas.

Which one of the following, if true, does most to explain the counterexample described above?

(A) Packaging and advertising triple the price of all teas

(B) Most people buy low-quality tea, thus keeping its price up

(C) All types of tea are subject to higher import tariffs

(D) Low-quality teas are generally easier to obtain than quality teas

(E) The price of tea generally does not vary from region to region.


Anyone mind taking a stab at this question? Thanks in advance!
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by Bill@VeritasPrep » Mon Apr 09, 2012 2:37 pm
A--This affects all teas, so it doesn't explain the quality-price paradox.
B--If demand is high enough for low-quality tea, then these suppliers can keep the price relatively high. Conversely, if the demand for high-quality tea is poor, then the suppliers will have a hard time pricing it higher than lower-quality teas.
C--If prices are roughly equal, the tariffs should be roughly equal. This doesn't explain the quality-price paradox.
D--Ease of purchase is irrelevant.
E--Regional variations in price are irrelevant.
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by Birottam Dutta » Tue Apr 10, 2012 9:44 am
In this reasoning question, we are looking for a reason which will try to minimise the difference in price between the low quality tea and the high quality tea.

A) This is not the answer as this indicates that price of all teas are hiked up due to packaging and ads.
B) This shows that most people buying low quality tea keep price of this tea up, thereby minimising difference between low and high quality tea.
C)This has same reasoning as A so its not applicable.
D)Easy access to low quality tea does not necessarily mean that people prefer it to high quality tea. So, incorrect.
E)Not relavalt to the problem statement.

Hence, B.
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by [email protected] » Tue Apr 10, 2012 11:10 am
Yes got B as the correct answer...

A simpler one really.
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by GmatKiss » Tue Apr 10, 2012 11:44 am
IMO: B
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