The practice of charging higher prices for products or services when they are first introduced is known as:

Name: The practice of charging higher prices for products or services when they are first introduced is known as:
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Price skimming is a pricing strategy where a firm charges the highest initial price that customers will pay and then lowers it over time. This approach is often used for new products or services to maximize profits before competitors enter the market.

The Practice of Charging Higher Prices for Products or Services