Changing the Prices of Products Based on the Level of Demand

question 15

Multiple Choice

Changing the prices of products based on the level of demand characteristics of the customer is called ________ pricing.

• A)menu
• B)dynamic
• C)flexible
• D)asymmetric
• E)customized

---

Definitions:

Hindsight Bias

The tendency to believe, after an event has occurred, that one would have foreseen or predicted the outcome, often referred to as the "I-knew-it-all-along" effect.

Presidential Election

A formal decision-making process by which a country's citizens select the President, the head of the executive branch of government.

Overconfidence

The tendency to overestimate the accuracy of one’s knowledge and judgments.

Hindsight Bias

The habit of assuming, once an outcome is known, that it was predictable beforehand.