The Practice of Changing Prices for Products in Real Time

question 153

Multiple Choice

The practice of changing prices for products in real time in response to supply and demand conditions is referred to as

• A) dynamic pricing.
• B) virtual pricing.
• C) experience curve pricing.
• D) skimming pricing.
• E) elasticity pricing.

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Definitions:

Interaction

In statistics and research, it refers to a situation where the effect of one independent variable on the dependent variable differs depending on the level of another independent variable.

Profile Plot

A graphical representation of the multivariate data where each observation is represented by a plot, often used to observe patterns over time or conditions.

Main Effect

In statistics, the term refers to the primary effect of an independent variable on a dependent variable in experimental design.

Material

The substance or substances from which a thing is or can be made.