________ Involves Taking Advantage of the Fact That Consumers Do

question 441

Multiple Choice

________ involves taking advantage of the fact that consumers do not always respond rationally to stated prices.

• A) Price differentiation
• B) Penetration pricing
• C) Psychological pricing
• D) Price skimming

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Definitions:

Bystander Apathy

A social psychological phenomenon where individuals are less likely to offer help to a victim when other people are present.

Groupthink

A mental phenomenon in which the need for agreement or uniformity within a group leads to illogical or ineffective decision-making results.

Conformity

The act of matching attitudes, beliefs, and behaviors to group norms, policies, or societal expectations.

Social Cognition

The mental processes that people use to make sense of the social world around them.