Which of the following statements concerning "reference prices" is FALSE?
A) A reference price is the price consumers expect to pay for an item.
B) Retailers sometimes want consumers to use the manufacturer's list price as the reference price even though their actual retail selling price is lower.
C) Different customers may have different reference prices for the same type of purchase.
D) Leader pricing is normally used with products for which consumers do not have a specific reference price.
E) None of the above is false.
Answer: D
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