Grouping Product Prices into Ranges Such as Low-,Medium-,And High-Priced Items

question 21

Multiple Choice

Grouping product prices into ranges such as low-,medium-,and high-priced items is known as which of the following?

• A) Prestige pricing
• B) Odd pricing
• C) Reference pricing
• D) Price lining

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Definitions:

MRP

Marginal Revenue Product, which is the additional revenue generated from employing one more unit of a resource.

Productivity

A measure of the efficiency of production, often expressed as the ratio of output to input within a specific period.

Marginal Revenue Product

The additional revenue a firm generates from employing one more unit of input, such as labor or capital.

Productivity

An evaluation of how effectively a person, machine, factory, or system transforms inputs into valuable outputs.