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) overvalued
C) reference
D) everyday low price
E) promotional

Question

Quizplus · Accepted Answer

The definition describes reference prices, which are internal or external benchmarks used by consumers to evaluate an observed price. The other choices do not accurately describe this concept.

The Definition of ________ Prices Is: in Considering an Observed