A ________ is any standard of comparison against which an observed potential transaction or purchase price is compared.

Question

Quizplus · Accepted Answer

A reference price is a benchmark or standard of comparison that consumers use to evaluate the fairness or value of a potential price. Reference prices can be derived from a variety of sources, including a consumer's memory of past prices, advertised prices, and the prevailing market price for similar products or services.

A ________ Is Any Standard of Comparison Against Which an Observed