The definition of ________ prices is: In considering an observed price,consumers often compare it to an internal memory reference price or an external frame of reference (such as a posted "regular retail price").
A) historical
B) reference
C) promotional
D) everyday low price
E) none of the above

Question

Quizplus · Accepted Answer

The definition describes reference prices, which are used as a comparison point for consumers when evaluating the observed price. Historical prices refer to past prices, promotional prices are temporary and often associated with sales or discounts, and everyday low prices are consistently low prices offered by retailers. Therefore, the best choice is reference prices (option B).

The Definition of ________ Prices Is: in Considering an Observed