In describing peoples' conceptions of phenomena, most phenomenography/variation theory research does not distinguish between generalised aspects of conceptions and contextualised aspects. This study suggests this approach may have limitations. The concepts of the external and internal horizon are used to provide evidence that graduates' conceptions of price consist of a combination of generalised and contextualised elements, where each horizon can be described in terms of qualitative differences. This way of approaching conceptions allows for a crisp delimitation of a phenomenon from its context, captures their relationship, and is consistent with the principles of phenomenography/variation theory. Findings raise questions about connections between internal and external horizons and the 'correct' way to sequence variation in order to trigger conceptual change.