With an Inelastic Product, Since There Are Not Usually Many

question 38

Multiple Choice

With an inelastic product, since there are not usually many substitutes, a/an ______ strategy can be used, setting the prices higher.

• A) skimming
• B) penetration
• C) odd
• D) reference

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Definitions:

Novel Stimuli

New or unfamiliar stimuli that have not been previously experienced, often triggering curiosity or exploration.

Free Riding

Benefiting from resources, goods, or services without contributing to the cost or effort involved.

Social Facilitation

The tendency for people to perform differently when in the presence of others than when alone, typically improving on simple tasks and doing worse on complex tasks.

Friendly Audience

A group of people who are supportive, receptive, and encouraging, often making it easier for speakers or performers.