The pricing methods such as surge pricing and congestion pricing are implied when the demand for a product or a service increases for a specific period.
The process of determining the prices of goods and services in an existing market is known as a pricing method. Surge and congestion are two of the many types of pricing methods.
When the consumers are charged higher prices for a particular commodity due to heavy demand, surge or congestion pricing method is used.
Hence, the significance of the pricing methods like surge and congestion pricing is given above.
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