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The picklist values can be modified and altered to any value by your adminstrator to what is needed by the business.
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Case 2: Special Prices for Weekdays - Weekends
Configure your picklist values to map your pricing policy. In the below example Monday- Thursdays are the cheapest, Sundays the most expensive slots for this product.
Case 3: Video Time-Length Prices
You can manage your video length with rate steps or alternatively use the rate criteria on the ad prices like in the following example.