Multiple Choice
Which of the following observations concerning a "reference price" is true?
A) Reference price is the company's cost to produce the product.
B) Reference price is set by regulators.
C) Demand may increase if a firm's price is lower than a customer's reference price.
D) All customers have the same reference prices for the same basic type of purchase.
Correct Answer:
Verified
Correct Answer:
Verified
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