Definitions from the Web
Benchmark Price
Description:
The term "benchmark price" refers to a standard value or rate used as a reference point for comparison in various industries and markets. It represents a guideline or yardstick against which other prices or values can be measured.
Sample Sentences:
- The benchmark price for a barrel of crude oil is constantly fluctuating based on market demand.
- In the real estate market, the benchmark price for a luxury apartment in the city center is significantly higher than in the suburbs.
- Manufacturers often use the benchmark price of their competitors' products to determine the pricing strategy for their own goods.
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