When John in searching for a particular product and the lowest price observed so far in his search process is called:

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The lowest price observed so far in a search process is called the discovered price. The term "search price" may be used to refer to the initial price someone expects to pay before starting a search process. "Marginal price" refers to the cost of producing one additional unit of a good or service. "Reservation price" is the highest price a buyer is willing to pay for a good or service.

When John in Searching for a Particular Product and the Lowest