The last price paid,competitors' prices,and the expected future price all serve as customer ________.
A) given prices
B) odd prices
C) reference prices
D) price-quality inferences
E) market skimmings

Question

Quizplus · Accepted Answer

Reference prices are the prices that customers use as a basis for comparison when determining whether a current price is reasonable or not. The last price paid, competitors' prices, and expected future price all serve as reference prices. Given prices are set by the seller, odd prices refer to non-rounded numbers, price-quality inferences are judgments that consumers make about a product based on its price, and market skimming is a pricing strategy that involves setting a high price for a new product to maximize revenue from the market's least price-sensitive customers.

The Last Price Paid,competitors' Prices,and the Expected Future Price All