During the Eleventh Century,the Most Spectacular Developments in Long-Distance Trade

question 19

Multiple Choice

During the eleventh century,the most spectacular developments in long-distance trade took place in:

• A)Italy.
• B)the North Sea.
• C)the Rhineland.
• D)Sicily.
• E)England.

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Definitions:

Penetration Pricing

A pricing strategy where the price of a product is initially set low to enter a competitive market and attract customers.

Skimming Pricing

A pricing strategy where a firm sets relatively high prices at the launch of a new product or service to maximize profits from customers willing to pay more.

Fixed-price Policy

A pricing strategy where the price of a product or service is set and not subject to change based on market fluctuations.

Customary Pricing

Pricing strategy that is based on what is traditionally expected or accepted within a specific industry or by consumers.