Price Lining Is a Tactic Used Mostly for New Products;

question 82

True/False

Price lining is a tactic used mostly for new products; it requires that prices be set high in order to cover product development and introduction costs.

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Definitions:

Equilibrium Level

The state in which market supply and demand balance each other, and, as a result, prices become stable.

Increase Unemployment

Refers to a situation where the number of individuals in a workforce who are without a job, and are actively seeking employment, rises.

Union Bargains

Union bargains involve negotiations between labor unions and employers on employment terms, such as wages, working conditions, and benefits for the workers.

Wages

Payments made to workers for their labor, typically in the form of money and calculated on an hourly, daily, or piecework basis.