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Pricing Strategies in Marketing

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Questions and Answers

What is the psychological effect of using a dollar sign when pricing a product?

It makes the product appear more expensive (correct)

It makes the product appear of higher quality

It makes the product appear more affordable

It has no impact on the perceived price

What is the term for taking advantage of a situation to charge exceptionally high prices for products or services?

Price gouging (correct)

Price manipulation

Price appearance

Price inflation

Why do prices with multiple syllables seem more expensive to consumers?

Because they take longer to read and pronounce (correct)

Because they are more often used in online shopping

Because they are more difficult to calculate

Because they are more common in advertising

In which state was the first price gouging law enacted in 1978?

New York Signup and view all the answers

What is the main reason why price gouging laws are enacted?

To prevent excessive prices during emergencies Signup and view all the answers

What is an example of a recent situation where price gouging was a potential concern?

The COVID-19 pandemic Signup and view all the answers

What type of products are currently listed as items that cannot be hoarded or subject to price gouging due to COVID-19 precautions?

Masks and other personal protective equipment Signup and view all the answers

What is the purpose of posting lists of items that cannot be subject to price gouging?

To protect consumers from excessive prices Signup and view all the answers

Why do consumers perceive prices with more syllables as more expensive?

Because they take longer to read and pronounce Signup and view all the answers

What is the outcome of price gouging during emergencies?

It harms consumers and vulnerable populations Signup and view all the answers