With an inelastic product, since there are not usually many substitutes, a/an ______ strategy can be used, setting the prices higher.

Name: With an inelastic product, since there are not usually many substitutes, a/an ______ strategy can be used, setting the prices higher.
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Question

Quizplus · Accepted Answer

Skimming strategy involves setting high prices initially for a product with inelastic demand, capitalizing on the lack of substitutes and the willingness of consumers to pay more.

With an Inelastic Product, Since There Are Not Usually Many