A Company Decided to Conduct a Market Survey for Its

question 85

Multiple Choice

A company decided to conduct a market survey for its new MP3 player that the company had priced at $150. In the survey, 95 percent of participants said that the maximum they would pay for the MP3 player is $100. This is an example of which of the following possible consumer reference prices?

• A) historical competitor price
• B) expected future price
• C) usual discounted price
• D) upper-bound price
• E) last price paid

---

Definitions:

Anthropologists

Scientists who study human behavior, culture, societies, and development over time, often focusing on both ancient and contemporary populations.

Fossil Evidence

Remains or impressions of prehistoric organisms preserved in rock layers, crucial for understanding evolutionary history.

Tribes

Social groups typically consisting of familial ties, shared customs, and traditions, often with a distinct culture and social structure.

Ingroup-Outgroup Biases

A rephrased explanation of the tendency to exhibit favoritism towards one's own group while displaying prejudice or hostility towards others.