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

a. cut the price in half
b. raise the price a reasonable amount
c. quadruple the price beyond the going rate
d. offer different prices for different buyers

Answer 1

The most appropriate option is b. raise the price a reasonable amount.

When there is high demand for a product, increasing the price can help maximize profit while still meeting the demand, as consumers may be willing to pay more for a desirable item. However, it's important to ensure that the price increase is reasonable to avoid losing customers who might turn to alternatives.