Final answer:
A tiered rate structure in business refers to a pricing model that changes based on different levels or tiers of usage or consumption.
Step-by-step explanation:
A tiered rate structure in business refers to a pricing model that changes based on different levels or tiers of usage or consumption. This structure is commonly used in industries such as telecommunications, electricity, and banking. The rates charged to customers vary depending on the specific level or tier they fall into. For example, in a tiered pricing plan for data usage, customers may pay a lower rate for the first few gigabytes of data and a higher rate for any additional usage beyond that threshold.