chapter 16: price discrimination and pricing strategies

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7 Terms

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Bundling

selling different goods together as a package

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Group pricing

price discrimnation by charging different prices to different groups of people

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Hurdle method

offer lower prices only to those buyers who are willing to overcome some hurdle or obstacle

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Perfect price discrimination

charging each customer their reservation price

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Price discrimination

selling the same good at different prices

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Quantity discount

when the per-unit price is lower when you buy a larger quanitity

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Reservation price

the maximum price a customer will pay for a product, equal to their marginal benefit