Since Consumers Have the Tendency to Compare Prices on Almost

question 29

Multiple Choice

Since consumers have the tendency to compare prices on almost everything they buy, marketers setting prices should attempt to capitalize on this tendency by determining the price consumers will consider fair and reasonable for a product. This is known as the

• A)break-even point.
• B)dynamic price.
• C)reference price.
• D)benchmark price.
• E)reasonable price.

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Definitions:

Economic Decline

A period characterized by reducing economic activity, falling GDP, and increasing unemployment.

Federal Government

The national government of a federal country, which holds the authority of governing the whole country, distinguishing it from the governments of the individual states or provinces.

19th Century

Refers to the period from January 1, 1801, to December 31, 1900, marking the nineteenth century in the Gregorian calendar.

American West

The American West refers to the region of the United States located west of the Mississippi River, characterized by its unique historical development, culture, and landscape.