Which term refers to prices that buyers carry in their minds and check with when they look at a given product?
A) product line prices
B) reference prices
C) location-based prices
D) product form prices
E) time-based prices

Question

Quizplus · Accepted Answer

Reference prices are prices that buyers carry in their minds as a point of reference while considering the purchase of a product. This can include previous prices paid for similar products or a general idea of what they expect a product to cost based on market trends or advertising.

Which Term Refers to Prices That Buyers Carry in Their