While shopping,Chloe sees a pair of jeans on sale for $29.99.She is excited because she has purchased this particular brand of jeans several times in the past for $40.00.In this instance,$40.00 is Chloe's reference price.

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Chloe's reference price is the price she has previously paid for this particular brand of jeans, which is $40.00. The fact that she sees the jeans on sale for $29.99 indicates that the current price is lower than her reference price, making her excited about the sale.

While Shopping,Chloe Sees a Pair of Jeans on Sale for $29.99.She