A company has developed the prototype of a mobile phone which it plans to launch in the next few months. The phone comes equipped with the most advanced technological features. As part of its test marketing efforts, it allows customers to examine and use the prototype and also gathers feedback regarding product features and price. The results of this test marketing effort show that customers are willing to pay at least $500, considering the phone's various features. As such, the company has found out about the customers' ________.
A) last paid price
B) expected future price
C) lower-bound price
D) upper-bound price
E) typical price

Question

Quizplus · Accepted Answer

The test marketing effort showed that customers are willing to pay at least $500, which indicates the lower-bound price that the company can charge for the product. Therefore, the company has found out about the customers' lower-bound price.

A Company Has Developed the Prototype of a Mobile Phone