The Cost of a Video Game Increased in Price from $20

question 118

Short Answer

The cost of a video game increased in price from $20 to $39. What was the percent of the increase?

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Definitions:

Underpricing

The strategy of setting a price lower than the market value or cost of a product or service, often used to attract customers or gain market share.

Price Skimming

A pricing strategy where a high initial price is set for a new product, gradually lowered over time as the market saturates.

Reference Prices

The prices that consumers consider reasonable and fair for a product.

Break-Even Point

The point at which the costs of producing a product equal the revenue made from selling the product.