SLO-4.2. A reference price is: the actual price. the price against which buyers compare the actual selling price. the bait and switch cost to the producer.
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A merchant obtains the retail price of an item by adding 38% to the wholesale price. Later, he has a sale and marks every item down 38% from the retail price. Is the sale price the same as the wholesale price? (Hint: Consider a specific item whose wholesale price is $100.) The sale price is or is not the same as the wholesale price because the wholesale price is $__ and the sale price is $__.
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