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At Priceline's Website, Visitors Can Specify the Desired Price They're

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At Priceline's website, visitors can specify the desired price they're willing to pay for a hotel in Chicago. Priceline then electronically forwards the price to hotels until one accepts the offer. What pricing policy is Priceline using?


Definitions:

Exchange Rates

The pace at which one form of currency can be swapped for another, affecting international commerce and investments.

Invoice Price

The original price of goods or services listed on an invoice before any discounts, allowances, or additional charges are applied.

Total Amount

The total amount refers to the aggregate sum or whole number of financial transactions, costs, or values expressed in monetary terms.

Recording Equipment

Devices or systems used for capturing audio, visual, or digital data, often used in entertainment, surveillance, and record-keeping.

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