10 Questions
What is the psychological effect of using a dollar sign when pricing a product?
It makes the product appear more expensive
What is the term for taking advantage of a situation to charge exceptionally high prices for products or services?
Price gouging
Why do prices with multiple syllables seem more expensive to consumers?
Because they take longer to read and pronounce
In which state was the first price gouging law enacted in 1978?
New York
What is the main reason why price gouging laws are enacted?
To prevent excessive prices during emergencies
What is an example of a recent situation where price gouging was a potential concern?
The COVID-19 pandemic
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
What is the purpose of posting lists of items that cannot be subject to price gouging?
To protect consumers from excessive prices
Why do consumers perceive prices with more syllables as more expensive?
Because they take longer to read and pronounce
What is the outcome of price gouging during emergencies?
It harms consumers and vulnerable populations
Learn about the importance of pricing in marketing, including understanding the value perception of products and services. Discover how pricing varies in different exchange scenarios, such as higher education and professional services. Test your knowledge of pricing strategies and their impact on businesses.
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