$1)$ When consumers examine products, they often compare an observed price to an internal price they remember. This is known as a$($n$)\_\_\_\_\_\_\_\_$ price. A$)$ markup B$)$ reference C$)$ market$-$skimming D$)$ accumulated E$)$ target Answer: $2)\_\_\_\_\_\_\_\_$ price refers to what the consumers feel the product should cost. A$)$ Fair B$)$ Typical C$)$ Usual discounted D$)$ List E$)$ Maximum retail Answer: $3)$ While shopping at the mall, Jane was asked by one of the sales representatives at the cosmetics counter to try out a new lipstick that her company was test marketing. The company representative asks her how much she would be willing to pay for the lipstick. After trying it out, Jane is of the opinion that $$5$ is just the right price for it$.$ What type of a reference price is Jane using? A$)$ usual discounted price B$)$ fair price C$)$ maximum retail price D$)$ last price paid E$)$ historical competitor price Answer: $4)$ The reservation price or the maximum that most consumers would pay for a given product is known as the $\_\_\_\_\_\_\_\_$ price. A$)$ expected future B$)$ usual discounted C$)$ upper$-$bound D$)$ typical E$)$ historical competitor