For Many Consumers, the Higher the Price, the Lower the Perceived

question 35

True/False

For many consumers, the higher the price, the lower the perceived quality of the product.

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Definitions:

Organisational Psychology

A field of psychology that studies human behavior in workplace settings and applies psychological principles to organizational challenges.

Implicit Personality Theory

A psychological concept suggesting that individuals use a set of assumptions to make inferences about the personalities of others based on limited observable traits.

Primacy Effect

The psychological phenomenon where the first pieces of information presented to an individual have a greater impact on their perception and memory than information that comes later.

Negativity Bias

The psychological tendency to pay more attention and give more weight to negative than positive experiences or information.