A price developed in the consumer's mind through experience with the product is called a (n)

Answer

external reference price.

value-price guideline.

frame of reference.

internalized price.

internal reference price.

Option E.

Explanation:

Internal reference price, is the right answer.

A reference price is a price that a buyer proclaims that it is ready to pay for a commodity or service. It is practiced by high-volume customers to notify suppliers. There are two types of reference prices, among them, the first one is known as the internal reference price. This is the price that the buyer assumes or expects the item should cost based on former knowledge or experience about the commodity.