What pricing method is most likely to be used if there are several providers in the same market and there is sufficient demand for the product?
A) Demand-based method
B) Total cost method
C) Cost-plus method
D) Competition-based method

Question

Quizplus · Accepted Answer

In a market with several providers and sufficient demand, the competition-based pricing method is the most likely to be used. This method involves setting prices based on what competitors are charging, taking into consideration factors such as quality, branding, and features. This allows businesses to remain competitive and avoid losing customers to rivals with lower prices.

What Pricing Method Is Most Likely to Be Used If