Which pricing strategy is specifically known as 'charm pricing' in the food industry and has been proven to significantly increase sales of menu items and grocery products?

The food industry uses sophisticated pricing strategies to maximize profits while keeping customers satisfied. From decoy pricing to psychological price points, restaurants and food retailers employ numerous techniques to influence purchasing decisions. Test your knowledge about how pricing strategies work specifically in the food and cuisine industry, and discover how these tactics might be affecting your own dining and grocery shopping choices!

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Setting prices ending in .99 or .95 (like $9.99 instead of $10) to create the perception of a better value
Bundling multiple food items together at a single price point that's lower than buying each separately
Pricing premium ingredients or dishes significantly higher to signal quality and exclusivity
Regularly alternating between high prices and promotional discounts to create urgency during sale periods