Which of the following best represents a reference price?
A) the list price for a car
B) a premium price charged by named brands
C) a price customers expect
D) an everyday low price
E) the warehouse price

Question

Quizplus · Accepted Answer

A reference price is the price that customers expect to pay for a particular product or service. It is a price that sets a standard or benchmark against which other prices are compared. This reference price can be influenced by factors such as past purchase behavior, competitor prices, and perceived value.

Which of the Following Best Represents a Reference Price