The Price is Right was a classic gameshow that first aired in the 1970s and involved members of the audience who would be selected to play the price guessing game. Each person had to guess the value of items as accurately as possible and the person with the closest guess would usually win the item.
There were various other stages of the game which ultimately culminated in a final grand prize spectacular where the contestant would have to guess the total value of a whole range of expensive prizes including cars and holidays. If they got the price right within a certain amount then they would win the lot.
The Price is Right was hosted by Leslie Crwother amongst others and had the catchphrase "Come on down, the price is right!"