Which of the following BEST describes customary prices?
A) prices offered at the wholesale level as an incentive to buyers to purchase a specific product
B) retail prices that consumers expect to pay as the result of social habit or tradition
C) prices that are adjusted to the different geographic areas in which the products are sold
D) prices designed to constrain the amounts sold to a level desired by government

Question

Quizplus · Accepted Answer

Customary prices are retail prices that consumers expect to pay as the result of social habit or tradition. They are not necessarily determined by supply and demand, but by the perceived value of the product in the market.

Which of the Following BEST Describes Customary Prices