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Description
Flashcards by Christina Situ, updated more than 1 year ago
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Created by Christina Situ
about 5 years ago
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| Question | Answer |
| Do variable costs change due to output? | Variable costs do not always change in proportion to output |
| What is skimming | Skimming is when the business brings out a new, unique product, which is the early market leader |
| What is pricing? | It is when a low price is set in the hope of gaining a high market share. |
| What is psychological pricing? | When a price is set just below a significant whole number.( It is used to trick our mind into thinking the product is cheaper). e.g £9.95 rather than £10.00 |
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