_____ Is the Business Strategy of Maximizing Profit by Selling

question 71

Multiple Choice

_____ is the business strategy of maximizing profit by selling essentially the same product at different prices to different consumers.

• A) Product differentiation
• B) Price discrimination
• C) Product standardization
• D) Discount pricing

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Definitions:

Tickets

Documents or electronic codes that grant the holder the right to enter an event, travel on a vehicle, or participate in an activity.

Economic Profits

Profits exceeding the opportunity costs of all resources used in production, including the cost of capital.

Marginal Analysis

The examination of the benefits and costs of choosing one more or one less unit of a good or service.

Implicit Costs

The opportunity costs of using resources owned by the firm for its own production instead of selling or renting them to others.