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Psychological Pricing Tactics Include Prestige Pricing, Odd Pricing, and Reference

question 96

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Psychological pricing tactics include prestige pricing, odd pricing, and reference pricing.


Definitions:

Total Utility

The complete fulfillment derived from the consumption of a specific amount of products or services.

Income

The financial gain acquired through work, investments, or through the conduct of commercial activities.

Consumer Equilibrium

A state where an individual's consumption choices provide maximum satisfaction or utility given their budget constraints.

Total Utility

The overall satisfaction or happiness a consumer derives from consuming a certain amount or combination of goods and services.

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