There are a lot of talented people.Many singers who have not been discovered are as talented or more so than some of the best-known musical artists.For instance, pricing a musical act at $20,000 when a small community arts center can get just as great an entertainment experience for its audience for $5,000 is an example of:
A)price lining
B)snob pricing
C)prestige pricing
D)over-value pricing
E)demand-based pricing

Question

Quizplus · Accepted Answer

Prestige pricing refers to setting a high price to convey the idea of exclusivity or superior quality, which can attract customers even when lower-priced alternatives offer a similar value. In this scenario, pricing a musical act at $20,000, despite the availability of equally talented acts for $5,000, is an example of using a high price to suggest a higher level of prestige or quality.

There Are a Lot of Talented People