The belief that a high price for a product means high product quality is an example of a heuristic.

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This statement is true. Heuristics are mental shortcuts or rules of thumb that we use to make quick judgments and decisions. The pricing heuristic is a commonly used heuristic, where consumers often perceive higher prices as indicating higher quality or value. However, this is not always true, and consumers should be careful to evaluate products based on their actual quality rather than just the price.

The Belief That a High Price for a Product Means