Price Discrimination Refers to a System of Pricing

question 74

Multiple Choice

Price discrimination refers to a system of pricing

• A) based on buyer income rather than buyer demand conditions, so the poor pay more than the rich.
• B) that is always more profitable than simple "single-price" pricing.
• C) that forces customers who require more service to pay higher prices.
• D) where consumer groups with a more elastic demand for the product are charged lower prices.

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Definitions:

Regression Toward

A statistical phenomenon that suggests that extreme scores or extreme behavior are likely to be closer to the average on subsequent observations or attempts.

Illusion of Control

The overestimation of one's ability to control events or outcomes that are largely or entirely beyond their actual influence.

Standard Deviation

An indicator of the extent of variability or scatter among a collection of numbers.

Low in Variability

Describes a set of data or a situation where there is little difference or diversity among the elements or outcomes.