Varying a product's price according to the supply situation of the seller is called ________ pricing.

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Dynamic pricing refers to the practice of adjusting a product's price according to the current supply and demand situation. This allows sellers to optimize revenue and profit by charging higher prices during times of high demand and lower prices during times of low demand. Flexible pricing also allows for adjustments based on supply, but it typically refers to allowing individual customers to negotiate prices rather than changing prices on a larger scale. Menu pricing involves offering a fixed set of prices for a product, regardless of the supply situation. Asymmetric pricing is an umbrella term that refers to any situation where prices are not uniform across different markets or customer types.

Varying a Product's Price According to the Supply Situation of the Seller