Michael Jones Owns a Web Design Firm

question 24

Multiple Choice

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:

• A) predatory pricing
• B) technical pricing
• C) cost-based pricing
• D) competitive-based pricing
• E) value-based pricing

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Definitions:

Specific Events

Distinct occurrences or outcomes with defined characteristics, often analyzed in probability and statistical studies.

Chance Variation

Random fluctuations in data or experimental results due to unpredictable factors.

Process

A series of actions or steps taken to achieve a particular end.

Chance Variation

Chance Variation refers to the unpredictability in data or outcomes that arises from random processes inherent in statistical experiments.