Theatergoers in the Midwest were pleasantly surprised when they arrived at the cinema to see the latest release and learned that a price reduction had just gone into effect. The Wehrenberg Theater chain, which is the oldest theater company and operates in 15 Midwest locations, decided to drop matinee prices from 7.75 to 4.50 per person and reduce evening prices from 9.75 to 7.50 per person. The price decrease is a result of decreased traffic at the theater and a trend for consumers to use Netflix or Hulu to watch movies. The Starplex Cinemas operating in the same communities as Wehrenberg followed suit and reduced their prices to attract consumers as well. The two movie theater chains are utilizing the ______ pricing basis.
A) competition-based
B) markup
C) demand-based
D) cost-plus
Question 2
All for Fun is a retail store that offers a variety of board games, magic cards, and other collectible items and caters to teens and adults who enjoy strategy-based games. The store has over 20,000 magic cards and utilizes a sophisticated computer system to identify the value of each card. All for Fun determines the rarity of a given card and adjusts prices according to how much money customers are likely to pay for a particular card. Cards that are in limited production or considered rare are more expensive than cards that are widely available. Thus, the price for a single magic card might vary between 25 and 50 or more per card depending on the market. What type of pricing is All for Fun utilizing?
A) Demand-based pricing
B) Markup pricing
C) Cost-plus pricing
D) Competition-based pricing
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