A(n) _____ is any price that a consumer uses as a basis for comparison in judging another price.
A) tensile
B) objective
C) reference
D) discount

Question

Quizplus · Accepted Answer

A reference price is used by consumers as a benchmark or a point of comparison for judging another price. For example, if a consumer sees a product priced at $50, they may consider their reference price to be $40, and compare the two prices to decide whether the $50 price is reasonable or not.

A(n) _____ Is Any Price That a Consumer Uses as a Basis