What type of pricing strategy is used in a situation where the seller has an ethical responsibility not to overcharge the client and the fees do not relate directly to the time and/or effort spent in specific cases?
A) Price lining
B) Prestige pricing
C) Professional pricing
D) Customary pricing
E) Price skimming

Question

Quizplus · Accepted Answer

Professional pricing is used in situations where the seller has an ethical responsibility not to overcharge the client and the fees do not relate directly to the time and/or effort spent in specific cases. This type of pricing strategy is commonly used by professionals such as doctors and lawyers who charge a fee based on their expertise rather than the amount of time spent on a particular case. The fee is typically based on industry standards and is set to ensure that the professional is fairly compensated while also providing a reasonable price for the client.

What Type of Pricing Strategy Is Used in a Situation