1
The calculation of the variable cost of production of a firms product, after which the products price is set.
2
Where firms charge different prices for their products depending on which customers are buying them or when the products sell.
3
Where a firm sets a high price for a high-quality product.
4
Refers to adding a mark-up to the average cost of producing a product.
5
Charging a low price for a product, usually below its average cost, to attract consumers to buy other higher-priced products.
6
When a firm deliberately sets a very low price on its good or service with the aim of driving its competitors out of the market.
7
The aim of attracting a large number of customers quickly and gaining a high market share.
8
Where a firm sets the price of its product relative to the competitors prices.
