The Practice of Changing Prices for Products in Real Time

question 153

Multiple Choice

The practice of changing prices for products in real time in response to supply and demand conditions is referred to as

• A) dynamic pricing.
• B) virtual pricing.
• C) experience curve pricing.
• D) skimming pricing.
• E) elasticity pricing.

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Definitions:

Drive

An internal motivational state created by physiological or psychological needs that drive behavior toward fulfilling those needs.

Incentive Factors

Elements or conditions that motivate or encourage individuals to perform specific actions or behaviors.

Central Nervous System

Comprises the brain and spinal cord, responsible for processing information and controlling most functions of the body and mind.