Which Type of Reference Price or Price Range Does a Consumer

question 45

Multiple Choice

Which type of reference price or price range does a consumer retrieve from memory to compare with a price in the market?

• A) base reference price
• B) historical reference price
• C) private reference price
• D) internal reference price
• E) repeat reference price

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Definitions:

Capitalistic

Pertaining to an economic system where private owners control trade and industry rather than being state-owned.

China's Agricultural Land

Refers to the area within China designated for farming activities, playing a critical role in the country's food security and economic development.

Private Sector

The part of an economy that is run by individuals and companies for profit, as opposed to being controlled by the government.

Market Oriented

An economic system or approach that prioritizes supply and demand as the primary forces in the market, promoting free competition among businesses.