Price leadership is an attempt by a firm to convince buyers that its product is different from the products of other firms in the industry.

Question

Quizplus · Accepted Answer

Price leadership is not about convincing buyers that a product is different, but rather about setting the price for the industry and having other firms follow suit. It is a strategy where one dominant firm sets the price and the other firms in the industry follow that lead.

Price Leadership Is an Attempt by a Firm to Convince