Your reference price will become more accurate and reflect real prices whena.) you have consulted your friends, family and colleagues. b.) you have found a similar item online. c.) you are not emotionally involved in making the purchase. d.) you have experience related to the product.

Question

Business

Picasso

11 April, 04:48

Your reference price will become more accurate and reflect real prices whena.) you have consulted your friends, family and colleagues. b.) you have found a similar item online. c.) you are not emotionally involved in making the purchase. d.) you have experience related to the product.

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Answers (1)

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Chaz Huerta · Answer 1

The correct answer is letter "D": you have experience related to the product.

Explanation:

The reference price is the price buyers are willing to pay for a given good or service based on different features of the product such as quality, availability and the type of need it satisfies compared to what competitors can offer.

The real price of the product is considered adding the value individuals can provide to the good or service based on the interaction they have had with similar items. Quality information might influence the reference price to be set.