Claire and Jean want to buy a knife set for their kitchen, but neither of them knows anything about knives. They will likely use the prices of the various knife sets as:

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Claire and Jean are considering how knife set prices relate to the attributes of the products they’re evaluating. 
Option 1: 'A measure of scarcity.' Prices can reflect scarcity, but in consumer knife sets, scarcity is usually not the primary reason for price differences; production costs, brand positioning, and features more directly drive price than scarcity in typical retail contexts.
Option 2: 'An indicator of quality.' This is the most plausible interpretation. Higher-priced knife sets often signal better materials (such as higher-grade steel), sharper and more durable edges, better construction (full tang, bolster, handle), and longer-lasting performance, all of which are commonly interpreted by buyers as indicators of quality.
Option 3: 'A measure of volume.' Price per unit volume is not a standard or reliable metric for evaluating knife sets; the number of pieces or total quantity sold does not inherently determine quality or value, and packaging volume does not dictate craftsmanship or performance.
Option 4: 'A reflection of the status quo.' Prices may reflect market norms or branding positions, but saying they are simply a reflection of the status quo ignores the concrete factors like material quality, manufacturing processes, and warranty that actually influence price; thus this option is too vague and less instructive about why buyers use price.
Overall, the most informative and accurate interpretation in this context is that price acts as an indicator of quality, guiding consumers to expect better materials, construction, and performance from more expensive knife sets.

COMM_V 296 103 104 2025W1 Prep Quiz #11 - Pricing Strategy, Part 1

Claire and Jean want to buy a knife set for their kitchen, but neither of them knows anything about knives. They will likely use the prices of the various knife sets as:

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