If you see a loaf of bread that is priced at $14.99, your past experience tells you that that price is substantially higher than a normal loaf of bread would be. if you feel that a loaf of bread should be less than $2.00, then this is your _____ price.

Internal reference price

Your internal reference is using your memory to influence decisions. In this situation, you've purchased bread for $2 and then you see it for $14.99 and know that's extremely over price. Your knowledge on the price of bread comes from your past experience. Knowing it is overpriced, you likely will decide not to purchase the bread.

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If you see a loaf of bread that is priced at​ $14.99, your past experience tells you that that price is substantially higher than a normal loaf of bread would be. if you feel that a loaf of bread should be less than​ $2.00, then this is your​ _____ price.

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If you see a loaf of bread that is priced at $14.99, your past experience tells you that that price is substantially higher than a normal loaf of bread would be. if you feel that a loaf of bread should be less than $2.00, then this is your _____ price.