Which of the Following Service Providers Are Most Likely to Use

question 127

Multiple Choice

Which of the following service providers are most likely to use demand-based pricing?

• A) Dentists
• B) Lawyers
• C) Doctors
• D) Hair stylists
• E) Cruise ships

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Definitions:

Product Promotion

The activities undertaken by a business to make its products or services known to potential customers and persuade them to buy.

Product Differentiation

The process of distinguishing a product or service from others to make it more attractive to a particular target market.

Monopolistically Competitive

An economic setup in which various firms market products that are comparable yet distinct, granting them some control over the market.

Economic Analysis

The systematic approach to determining the optimal use of scarce resources, examining the costs and benefits of economic decisions.