Imagine walking down the street, and someone approaches you asking if you want to buy a cool gadget that you’ve never seen before. They show you a live demonstration, and you instantly feel like you need it. You ask them how much it’ll cost you, and they proceed to tell you, “This normally retails at $100, so you name your price.” Like most people, you might use the figure they gave you (the only information you have) and then propose an offer. Going higher would have you at a loss, and…
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