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randy goodman
on Nov 25, 2024

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Specialty shops can charge and get customers to pay higher prices for identical goods than they would pay in "big box" stores. Assuming that these differences are driven by store appearance rather than differences in services provided, which of the following best explains this phenomenon?

A) availability heuristics
B) framing effects
C) confirmation biases
D) self-serving biases

Specialty Shops

Retail businesses that focus on specific product categories, offering specialized selections within those categories.

Framing Effects

Psychological phenomena where the way information is presented affects decision-making or judgment.

Big Box

A large retail store, usually part of a chain, which offers a wide variety of goods and is characterized by its large physical footprint.

  • Analyze the impact of cognitive biases on personal and economic decisions.
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RH
Rachel HazelDec 02, 2024
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