Question

you watched a video about psychological pricing, as it relates to apple. the video discusses the concept of “reference price.” which statement best describes this idea? it is the price apple uses only for international conversions. it is the price apple pays suppliers for raw materials. it is the price consumers expect to pay based on prior experience or alternatives. it is the price retailers must advertise.

Explanation:

Reference price in marketing (a sub - field of Business) is about consumer perception. It's not related to international conversions (no basis in the concept), not the price paid to suppliers (cost - related, not consumer - perception), and not a retailer - advertising requirement. It is based on consumer expectations from prior experiences or alternatives.

Answer:

It is the price consumers expect to pay based on prior experience or alternatives.