Marci, a student, is used to paying $1.25 for a 12-ounce can of Diet Coke from various vending machines on campus, so she expects the new vending machine just installed outside her Chemistry classroom to charge her the same amount for her favorite beverage. For Marci, the $1.25 price is a:
A) Reference price
B) Gross price
C) Bundle price
D) Leader price
E) Bait price

Question

Quizplus · Accepted Answer

A reference price is the price that a consumer sees as a fair and reasonable price for a product based on their past experiences or external sources. Marci has paid $1.25 for a 12-ounce can of Diet Coke before from other vending machines, so this is her reference price.

Marci, a Student, Is Used to Paying $1