________ Prices Are Carried in Buyers' Minds and Used When

question 31

Multiple Choice

________ prices are carried in buyers' minds and used when looking at a given product.

• A) Captive-product
• B) Reference
• C) Promotional
• D) Geographical
• E) Dynamic

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Definitions:

Standard Deviation

A statistical measure that quantifies the amount of variation or dispersion of a set of data points, calculated as the square root of the variance.

Variance

A measure of the spread or dispersion of a set of data points, indicating how much the data varies from the average of that set.

Outliers

Observations in a dataset that significantly differ from the other data points, often indicating variability or errors.

1.5*IQR

A statistical calculation used to identify outliers. It involves multiplying the interquartile range (IQR) by 1.5 and applying this value above the upper quartile and below the lower quartile.