Customary prices are:
A)prices offered at the wholesale level as an incentive to increase product sales.
B)retail prices consumers expect as a result of tradition and social habit.
C)prices of products adjusted on the basis of the geographic locations of retail outlets.
D)prices designed to constrain the amount of products sold to a level desired by the government.

Question

Quizplus · Accepted Answer

Customary prices refer to the prices that consumers expect to pay for a product or service based on tradition and social habit. These prices are established through long-standing custom rather than being based on specific costs or market conditions. For example, consumers may expect to pay a certain price for a cup of coffee or a movie ticket based on the going rate in their area. Customary prices are an important factor for businesses to consider when setting prices for their products or services.

Customary Prices Are