A 'Lien' Is

question 38

Multiple Choice

A 'lien' is:

• A)A charge on property to secure repayment of a loan.
• B)A right to retain possession of property belonging to another.
• C)A defect in title to property.
• D)A right to possession of goods.

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Definitions:

Price-sensitive

Refers to how demand for a product is influenced by changes in its price; price-sensitive consumers are likely to change their purchasing behaviors significantly in response to price changes.

High Initial Price

A pricing strategy where a product is introduced to the market at a high price point to maximize revenue from less price-sensitive customers before possibly lowering the price.

Skimming Pricing

A pricing strategy involving setting high prices initially to target consumers who are willing to pay more for new or unique products.

Innovative Product

A new or significantly improved product that meets unique customer needs or opens up new markets.