The Strategy of Charging Prices Based on Consumer Demand Rather

question 304

Multiple Choice

The strategy of charging prices based on consumer demand rather than cost or a predetermined profit margin represents

• A) competition-based pricing.
• B) cost-based pricing.
• C) target orientation.
• D) demand-oriented pricing.

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Definitions:

Port Facilities

Infrastructure and services provided at a port to support the loading, unloading, maintenance, and storage of ships and their cargoes.

Absolute Advantage

The ability of a country, company, or individual to produce a good or service more efficiently than competitors, using fewer resources.

Monopoly

Market situation in which a single seller dominates trade in a good or service for which buyers can find no close substitutes.

Less-developed Countries

Nations with a lower standard of living, underdeveloped industrial base, and low Human Development Index (HDI) relative to other countries.