In Viña del Mar, Chile, a large number of shops specialize in selling the same quality of seafood products along the beach frequented by tourists. No individual shop dares charge more than the going price without fearing loss of business to other shops. This exemplifies .....

PRICING STRATEGIES

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

In Viña del Mar, Chile, a large number of shops specialize in selling the same quality of seafood products along the beach frequented by tourists. No individual shop dares charge more than the going price without fearing loss of business to other shops. This exemplifies ____

A	pure competition
B	monopolistic competition
C	oligopolistic competition
D	pure monopoly

Explanation:

Detailed explanation-1: -A value-based pricing model is the opposite of cost-plus pricing. Cost-plus pricing looks at cost of goods sold and markup percentage to determine a price.

Detailed explanation-2: -The demand curve shows the number of units the market will buy in a given time period at similar prices.

Detailed explanation-3: -The simplest pricing method is cost-plus pricing, which involves adding a standard markup to the cost of the product.

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ENTREPRENEURSHIP

ENTREPRENEURIAL MARKETING

PRICING STRATEGIES