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Michael Jones Owns a Web Design Firm

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Michael Jones owns a Web design firm. The way Michael prices his products is to determine what consumers are willing to pay, and then he backs off a bit to provide a cushion. The method that Michael used to determine his prices is called:


Definitions:

Feedback

Information provided about the result of a process or activity, used as a basis for improvement.

Moderate Changes

Refers to adjustments or alterations that are neither too small nor too extreme, often considered to be reasonable or sensible.

Reinforcing

Refers to the process of increasing the likelihood of a behavior by following it with a reward or positive outcome.

Habituated

The process by which an individual becomes accustomed to a stimulus after repeated exposure, leading to a decrease in their response to that stimulus.

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