Define and Explain the Terms: Price,price Range,price Ceiling,and Price Floor

question 48

Essay

Define and explain the terms: price,price range,price ceiling,and price floor.Why is it important to keep these terms distinct in the entrepreneur's thinking?

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Definitions:

Sensitivity

The quality of being easily affected by external stimuli or the feelings of others, or the ability to perceive and respond to subtle changes or details.

Self-awareness

The conscious understanding of one's own character, feelings, motives, and desires.

Immediate Gratification

The desire to experience pleasure or fulfillment without delay, often prioritizing short-term rewards over long-term goals.

Post-conventional Moral Reasoning

A stage of moral development where individuals reason based on universal ethical principles, going beyond societal norms.