Examlex
What is prestige pricing? Under what circumstances should a company consider using prestige pricing?
Profit-Maximizing
The process or strategy of adjusting production and pricing to achieve the highest possible profit.
Socially Optimal Price
The price of a product that results in the most efficient allocation of an economy's resources and that is equal to the marginal cost of the product.
Marginal Cost
The expenses associated with creating an extra unit of a good or service.
Natural Monopoly
A market condition where the most efficient scale of production is achieved when a single firm supplies the entire market due to high fixed or start-up costs.
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