A parking lot in a busy downtown district is experimenting with its pricing strategy to figure out where it should price its spaces.Which of the following strategies should it implement?
A)Increase parking rates if the lot fills up much earlier than 9am
B)Decrease parking rates if the lot doesn't fill up until much after 9am
C)If the lot fills up right around 9am the price is right
D)All of the above

Question

​A parking lot in a busy downtown district is experimenting with its pricing strategy to figure out where it should price its spaces.Which of the following strategies should it implement?
A)​Increase parking rates if the lot fills up much earlier than 9am
B)Decrease parking rates if the lot doesn't fill up until much after 9am
C)If the lot fills up right around 9am the price is right
D)​All of the above

Quizplus · Accepted Answer

Option A is a good strategy as it indicates high demand for the parking spaces and allows the lot to capitalize on that demand by increasing the price. 
Option B is also a good strategy as it indicates low demand and incentivizes customers to park in the lot by decreasing the price. 
Option C is not necessarily the best choice, as the lot may not be maximizing its profits by keeping the price constant even if demand is high. By implementing both options A and B, the lot can find the optimal price point for its spaces based on demand. Therefore, option D, which includes all of the above options, is the best choice.

​A Parking Lot in a Busy Downtown District Is Experimenting

A Parking Lot in a Busy Downtown District Is Experimenting