Before Anthony went to the hardware store to buy a pair of fire-resistant gloves, his son asked him how much the gloves should cost. Anthony responded, "I think they should cost between $18 and $25." Between $18 and $25 is the:

Question

Quizplus · Accepted Answer

The expected price is the price range that a consumer, in this case, Anthony, anticipates or believes is reasonable for a product before making a purchase. Anthony's statement about the gloves costing between $18 and $25 reflects his expectation of their price, not their elasticity, cost-plus pricing, marginal price, or inelasticity point.

Before Anthony Went to the Hardware Store to Buy a Pair