The Idea That People Will Pay Extra for "Quality" and Status

question 257

Multiple Choice

The idea that people will pay extra for "quality" and status is the idea behind

• A) price lining.
• B) average cost approaches to pricing.
• C) penetration skimming.
• D) prestige pricing.
• E) psychological pricing.

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Definitions:

Cultural Relativism

A principle that suggests one should understand individual human behaviors and ideas within the context of the culture in which they are found, without making judgments.

Ethnocentrism

The belief in the inherent superiority of one's own ethnic group or culture, often accompanied by a feeling of contempt for other cultures.

Cultural Abstraction

The process of generalizing about cultures in ways that may overlook the complexities and variances within them.

Individualistic

Describes a social theory or attitude that emphasizes the moral worth of the individual over the collective.