Question

P7j, a chain of discount stores across the united states, has many store brands including wire, a line of sports shoes. wire is a popular brand among regular store customers and they vouch for its quality being as good as other top brands. facing competition from other shoe brands, p7j reduced the prices on wire products by 30 percent. while it sold an average of 800 units per day at a price of $30 per unit amounting to $24,000 before the discount, it sold 1,000 units per day amounting to $21,000 after the discount. which of the following is exemplified by this scenario?

Answer 1

A reduction in pricing does not necessarily increase overall revenue earned from a product.

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