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NDA2017General AbilityGeneral StudiesActual

Surge pricing takes place when a service provider

Options

  1. Araises the price of its product or service as demand outstrips supply
  2. Bfollows preset prices immune to demand and supply dynamics
  3. Cfixes a minimum price for its services
  4. Dfixes an average price on the basis of transactions carried over a day

Correct answer

A. raises the price of its product or service as demand outstrips supply

Step-by-step solution

"Surge pricing" occurs when a company raises the price of its product or service if there is an increase in demand but supply is not enough to fulfill it.

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