A Competition-Based Pricing Strategy in Which All the Competitors in an Industry

question 31

Multiple Choice

A competition-based pricing strategy in which all the competitors in an industry follow the pricing practices of one or more dominant firms is known as

• A) market fixing.
• B) price penetration.
• C) price leadership.
• D) primary pricing.

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Definitions:

iPod Shuffle

A compact and discontinued music player designed by Apple Inc., notable for its small size, lack of a screen, and shuffle feature for playing music in a random order.

Anchoring Effect

A cognitive bias where individuals rely too heavily on the first piece of information offered (the "anchor") when making decisions.

Concorde

A British-French supersonic passenger airliner that was in service from 1976 to 2003, known for its high speed and distinctive shape.

Stock Market

A public market for the trading of company stock and derivatives at an agreed price; it is a key component of the economy.