Related to the Economics in Practice on page 267: When trying to determine the price to charge for a new product, firms sometimes charge one price in one market and another price in a second market. Firms call this approach
A) price rationing.
B) using a focus group.
C) test marketing.
D) benchmark pricing.

Question

Quizplus · Accepted Answer

Test marketing involves charging different prices in different markets to determine the best price for a product. This approach helps firms understand how price variations affect sales in distinct market segments.

Related to the Economics in Practice on Page 267: When