Many firms use technology to gather information on the preferences of consumers and their responses to changes in prices.This information is then used to adjust prices of the firms' goods and services.This practice is called
A)price discovery.
B)empirical research.
C)yield management.
D)econometrics.

Question

Quizplus · Accepted Answer

The practice of using technology to gather information on consumer preferences and adjust prices accordingly is called yield management. This practice is commonly used in industries such as airlines and hotels, where prices are adjusted in real-time based on demand and availability. Price discovery refers to the process of determining the market price of a good or service through supply and demand. Empirical research and econometrics are more general terms that refer to the use of data and statistical methods to analyze economic phenomena.

Many Firms Use Technology to Gather Information on the Preferences