Uber uses a pricing strategy based on real-time market conditions. it charges less in periods of low demand and more during periods of high demand. sometimes these prices double or triple during periods of high demand. uber argues that these higher prices motivate more drivers to pick up passengers, thus increasing the supply of drivers needed to handle the additional demand. this demand-based pricing strategy is an example of:

This demand-based pricing strategy is an example of:DYNAMIC PRICING

Explanation:

dynamic pricing is a pricing strategy where by prices of product are adjusted every now an then to accommodate th changes in demand and supply response. Uber charges less when there is low demand to make sure that they get customers but they double or triple their prices when there is high demand because customers are in surplus.

Here are a few benefits of dynamic pricing

- one has major control on their pricing strategy

- it is flexible without interfering with the brand

levels of production can be increased by technology while holding labor and capital constant, because increased technology makes the production process more efficient. subsequently, the lras curve is almost a vertical line, that can shift to the right, with an increase in technology.

the relationship between the lras curve and the ppc is that both can make the economy could grow. the ppc achieves that when it shifts outward because of more resources or technological advances while the lras curve shifts if more resources are developed or if there are technological advances.

the lras curve is a vertical line at an output level that represents the number of goods and services a nation can produce over a sustained period using all of its productive resources as efficiently as possible with all of the current technology available to it.

the production possibilities frontier (ppf) is a graphical device that is used for economic analysis of production decisions because the ppf measures the maximum possible combinations of two goods that an economy is capable of producing with its currently available resources and technology.

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