Which of the following is true of the various demand-oriented approaches for setting prices?
a) Bait pricing is the process of setting high prices to lure those customers who are interested in buying expensive models or brands.
b) Demand-backward pricing starts with a price consumers are willing to pay and then figures out what a producer can charge.
c) Psychological pricing involves setting prices that end in certain numbers.
d) Prestige pricing is the process of setting low prices to attract more target customers.
e) Price lining is a highly complex pricing strategy for both salespeople and customers.
Answer B