Please help
Started by
helencburton000
· started 2025-05-12 23:23
· last activity 2025-09-30 10:55
· 1 reply
Please tell me why this sentence: "any error in the initial asking price is in the direction of setting the price too high." Is saying to error on the side of caution and set the price too high. I am so confused by this stimulus.
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Nate-Stein
· 2025-09-30 10:55
@helencburton000, thank you for your question,
We are told "rare things sell fast, no matter how high the price is" and also "in fact, setting a low price actually makes the items seem less rare" which makes them less likely to sell. It is a bit of a paradox.
So, the stimulus says, "if you are not sure where to set the price on a rare item, opt for setting it TOO HIGH rather than TOO LOW" and you'll have a better result (better sales, aura of exclusivity)
Hope that helps and happy studying,
Nate, LSATMax Instructor
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