How to Determine a Reasonable Price for Your Groceries

What is Justine's reference price for ground beef?

A) Reference price

B) Break-even point

C) Reasonable price

D) Benchmark price

E) Dynamic price

In this case, Justine is comparing the price of ground beef at the specialty grocery store ($4.49/lb.) to the price she usually pays at her normal grocery store ($3.29/lb.). Since she believes $3.29/lb. is a reasonable price for ground beef, it serves as her reference price. Option (C)

Justine's reference price refers to the price she is familiar with or expects to pay for a product. In this case, Justine is comparing the price of ground beef at the specialty grocery store ($4.49/lb.) with the price she is accustomed to paying at her normal grocery store ($3.29/lb.).

The $3.29/lb. price is her reference price, which she considers reasonable based on her past experiences and expectations. It serves as a benchmark against which she evaluates the price at the specialty grocery store. The correct answer is "reference price." Option (C)

When determining a reasonable price for your groceries, it's essential to have a reference point or benchmark to compare prices. Just like Justine, you can establish your reference price based on your past experiences and what you consider reasonable. By doing so, you can make informed decisions when shopping for groceries and ensure you are getting a fair deal.