According to the Federal Trade Commission's Guides against Deceptive Pricing, a product that once had a price tag of $50, but that never actually sold for more than $40, cannot be hawked at "the former price of $50".

Question

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According to the Federal Trade Commission's Guides against Deceptive Pricing, a product cannot be advertised as being sold at a former price unless it was offered for sale at that price for a substantial period of time, or unless the product actually sold in substantial numbers at that price. In this case, because the product never actually sold for $50, it would be deceptive to advertise it as being sold at a former price of $50.

According to the Federal Trade Commission's Guides Against Deceptive Pricing