need rn! worth 30 points! only answer if you know ALL THREE.

1.) True or false. Supply and demand is an internal factor that affects pricing.

2.) Some companies set their prices than their competitors so they can gain a larger customer base.

3.) If a customers believe that a company sells quality products, they are much more likely to pay a price for an item.

1) When demand exceeds supply, prices tend to rise. There is an inverse relationship between the supply and prices of goods and services when demand is unchanged. However, when demand increases and supply remains the same, the higher demand leads to a higher equilibrium price and vice versa.

2) Competition based pricing is a pricing method that involves setting your prices in relation to the prices of your competitors. This is compared to other strategies like value-based pricing or cost-plus pricing, where prices are determined by analyzing other factors like consumer demand or the cost of production. A skimming pricing strategy usually involves setting a higher price for a new product when it first enters the market. As the product evolves, the price drops accordingly. Price skimming is often used with high-tech products. ... One way to think of price skimming marketing is in layers of customer segments.

3) Price skimming is a product pricing strategy by which a firm charges the highest initial price that customers will pay and then lowers it over time. ... This approach contrasts with the penetration pricing model, which focuses on releasing a lower-priced product to grab as much market share as possible.