A real-estate agent is asked by her clients how much they should ask for their house.She just sold a house for $300 000,so she finds herself suggesting an amount within the same range.This is an example of _____________.
A)belief perseverance
B)confirmation bias
C)the representativeness heuristic
D)the anchoring effect

Question

Quizplus · Accepted Answer

This is an example of the anchoring effect, where the initial piece of information (the sale price of the previous house) serves as an anchor or reference point for the suggested price of the current house. Despite other factors that may influence the value, the agent is using this anchor to guide their recommendation.

A Real-Estate Agent Is Asked by Her Clients How Much