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New Applications Are Being Created That Allow People to Pay

question 174

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New applications are being created that allow people to pay for things using a mobile device like a smart phone. For instance, at some hotels, guests can use smartphones for check-ins and room keys. Passengers can pay for fares by waving a smartphone across a terminal as they board a bus. These payments apps make use of ______________________ technologies.


Definitions:

Price Fixing

An illegal practice where competing companies agree on selling prices of their products or services, rather than allowing market forces to set them.

Price Discrimination

A practice of charging different prices to different customers for the same product or service, where such differences are not justified by differences in cost.

Discounted Price

A reduced price offered on goods or services, typically to stimulate sales or clear out inventory.

Antitrust Law

Legal regulations designed to promote competition and prevent monopolistic practices by prohibiting unfair business practices and mergers that significantly reduce competition.

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