When Apple,Inc.originally introduced its iPhone,it was priced at what many believed to be about as high as the market would allow.Within weeks,Apple lowered the price of the iPhone.It appears that Apple entered the market with a _____ approach to pricing the iPhone.
A) market share pricing
B) profit maximization
C) demand-oriented
D) sales maximization
E) status quo pricing

Question

Quizplus · Accepted Answer

Profit maximization means setting prices so that total revenue is as large as possible relative to total costs.