The Strategy of Charging the Highest Possible Price for a Product

question 60

True/False

The strategy of charging the highest possible price for a product during the introduction stage of its life-cycle is called price skimming.

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Definitions:

Decreased Anxiety

refers to the reduction in feelings of worry, nervousness, or unease typically about an imminent event or something with an uncertain outcome.

Sensitization

The process of becoming more sensitive to a particular stimulus over time, often as a result of repeated exposure.

Readiness

A state of being fully prepared or in a suitable condition for an immediate action or use.

Fixed Action Pattern

An instinctive behavioral sequence that is relatively invariant within the species and almost inevitably runs to completion once initiated.