Setting the price for a new product is less difficult when other products like it are already being sold. Why is this true?

Multiple choice question.

The market will have established a general value for that sort of item.

Consumers will have become used to paying artificially high prices for products in that category.

Consumers will have learned to depend on that type of product and will pay whatever it costs.

All retail outlets in the area can get together and agree to sell the product for the same price, regardless of its actual value.