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If the price floor is set above the equilibrium price,
Skimming Pricing Policy
A pricing strategy where a high price is set for a new product to maximize profits from market segments willing to pay more.
High Quality
Describes products or services that meet or exceed consumer expectations and standards in performance, durability, and satisfaction.
Price-sensitive
Referring to the characteristic of consumers whose buying decisions are greatly influenced by the price of a product or service.
Price Level
The average of current prices across the entire spectrum of goods and services in an economy, reflecting inflation or deflation.
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