Reference Value __________

question 17

Multiple Choice

reference value __________.

• A) is relative to the amount of time and energy a consumer puts into the purchase process
• B) is based upon the value assigned to similar items used by the consumer's peers
• C) results from performing a careful break-even analysis
• D) involves comparing the costs and benefits of substitute items
• E) is based upon the differential between customers' "needs" and their "wants"

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Definitions:

Insufficient Basis

A flaw in reasoning or argumentation where the evidence or grounds provided are not adequate to support the conclusion drawn.

True

Accurate or consistent with fact or reality; not false.

Hasty Generalization

A logical fallacy in which a broad conclusion is drawn from a small set of evidence or examples.

Generalizations

A process in reasoning where broader conclusions are drawn from specific cases or examples.