When consumers examine products, they often compare an observed price to an internal price they remember. This is known as a(n) ________ price.
A) markup
B) reference
C) market-skimming
D) accumulated
E) target

Question

Quizplus · Accepted Answer

A reference price is a specific price that consumers have in mind and use as a basis for evaluating the fairness of a product’s observed price.

When Consumers Examine Products, They Often Compare an Observed Price