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Suppose 5,000 Students Were Split into Two Groups of 2,500

question 78

Multiple Choice

Suppose 5,000 students were split into two groups of 2,500.Both groups were first presented with an image of a new high-end pair of shoes produced by UGG,a footwear company.
The first group was given the following statement and then asked the following question: "The normal retail price of these shoes is $200.Would you be willing to pay $125 for them?"
The second group was given the following statement and then asked the following question: "The normal retail price of these shoes is $450.Would you be willing to pay $125 for them?"
Suppose that 13 percent of the students in the first group answered yes and that 63 percent of the students in the second group answered yes.It is likely that more students in the second group were willing to pay $125 for the pair of shoes because they were told the normal price was much higher.This is an example of a ________ effect in decision-making.

Definitions:

Financially Well Off

A state of having sufficient personal wealth to live comfortably without financial stress.

Helping Others

The act of providing assistance or support to other people, often to improve their situation or well-being.

Career Recognition

The acknowledgment and appreciation of an individual's professional achievements and contributions within their field or workplace, often enhancing reputation and opportunities for advancement.

Self-Esteem Increase

The enhancement or improvement of one's own self-worth or self-respect.