Questions come from the Bluebook question bank.
- For each data category, the following bars are shown:
- pay what you can
- pay what you think it’s worth
- pay what you want
- The Mean chosen price data for the 2 categories are as follows:
- Study 1:
- pay what you can: $30.33
- pay what you think it’s worth: $55.19
- pay what you want: $27.85
- Study 2:
- pay what you can: $39.83
- pay what you think it’s worth: $73.93
- pay what you want: $29.64
- Study 1:
Participative pricing, in which purchasers choose the prices they pay for products, can enable sellers to capitalize on the heterogeneous values consumers assign to the same goods and services, but doing so requires careful messaging. Annie Peng Cui and Jennifer Wiggins recruited 171 participants (ages 18–60) online for an initial study and 83 students (ages 18–31) at a state university for a second study to test the effect of three different messages—“pay what you can,” “pay what you think it’s worth,” and “pay what you want”—on how much participants would pay for concert tickets. Their results illustrate both the heterogeneity of consumer valuations and how sellers can benefit by prompting consumers to consider their own valuations: ______blank
Which choice most effectively uses data from the graph to complete the text?