The Process of Charging Different Prices for Goods or Services

question 75

Multiple Choice

The process of charging different prices for goods or services based on the type of customer,level of demand,or time of the day,week,or season is referred to as

• A) dynamic pricing.
• B) the substitution effect.
• C) the income effect.
• D) the target return effect.
• E) cross-price elasticity.

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Definitions:

Median

The value separating the higher half from the lower half of a data sample or probability distribution.

Positively Skewed Distribution

A distribution where the tail is longer on the right side of the peak, indicating that most data points are on the left.

Interquartile Range

A measure of statistical dispersion, represented by the difference between the 25th and 75th percentiles of a dataset.

Median

The middle value in a dataset when it is arranged in ascending or descending order, or the average of the two middle values if the dataset has an even number of observations.