Asked by Abhishek Prodduturi on Jul 09, 2024
Verified
Anchoring is more closely associated with which of the following factors?
A) Stereotypes that affect your decisions
B) Bias against higher prices
C) Suggestions that affect your final decision
D) Manipulation of consumer prices
Anchoring
Tendency to rely heavily on one prior (suggested) piece of information when making a decision.
Decisions
The process of making choices among various alternatives to achieve a desired outcome.
Suggestions
Recommendations or pieces of advice aimed at proposing a course of action.
- Note the standard biases in consumer decision-making activities and the impact of anchoring.
Verified Answer
CG
corina guzmanJul 16, 2024
Final Answer :
C
Explanation :
Anchoring refers to the phenomenon where initial suggestions or information influence later decisions. This means that suggestions can affect your final decision. Stereotypes may play a role in anchoring, but they are not the defining factor. Bias against higher prices may influence decision-making, but it is not specifically related to anchoring. Manipulation of consumer prices could potentially be a factor in anchoring, but it is not the most closely associated factor.
Learning Objectives
- Note the standard biases in consumer decision-making activities and the impact of anchoring.