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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 priceB. Fair priceC. Maximum retail priceD. Last price paidE. Historical competitor price

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isyllus

Answer: Fair price is the type of a reference price that Jane is using.

Here, Jane is of the opinion and how she pursues the price of the commodity in the market .i.e.  fair price is the quantity of money that it you pursue to be sensible for a commodity.