Assume that the seller of a product has established the product’s best price by considering the product’s value to the customer (VTC), costs, and the market’s price sensitivity using the procedures discussed in previous chapters.
(a) Give an example where negative societal consequences would make many people consider this price to be too high. Describe the product, price, and the negative consequences.
(b) Give an example where negative societal consequences would make many people consider this price to be too low. Describe the product, price, and the negative consequences.