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Define Dynamic Pricing

question 14

Essay

Define dynamic pricing. What are the advantages and disadvantages of using dynamic pricing?


Definitions:

Short-term Memory

The part of the memory system where information is stored for a short duration, typically seconds to minutes, before it is either forgotten or transferred to long-term memory.

Flashbulb Memory

A highly detailed, exceptionally vivid 'snapshot' of the moment and circumstances in which a piece of surprising and consequential (or emotionally arousing) news was heard.

Emotional Event

An occurrence or situation that triggers a strong emotional response, such as joy, sadness, fear, or anger.

Vivid

Producing powerful feelings or strong, clear images in the mind; marked by intense color, brightness, or clarity.

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