When determining how to price the goods that you will sell, if you notice that a lot of consumers want your product, you can typically do what to the price while still meeting the demand and making a bigger profit?

Question

Possible Answers:
cut the price in half cut the price in half raise the price a reasonable amount raise the price a reasonable amount quadruple the price beyond the going rate quadruple the price beyond the going rate offer different prices for different buyers

Answer 1

If you notice that a lot of consumers want your product, you can typically raise the price a reasonable amount while still meeting the demand and making a bigger profit. This approach allows you to capitalize on the high demand without excessively deterring customers.