Consumers tend to use price as a gauge of quality.This phenomenon is called the price-quality heuristic.

Name: Consumers tend to use price as a gauge of quality.This phenomenon is called the price-quality heuristic.
Brand: Quizplus
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Quizplus · Accepted Answer

The price-quality heuristic is a well-documented cognitive bias in which consumers assume that a higher price indicates higher quality. This can lead consumers to make inaccurate judgments about the quality of a product or service based solely on its price point.

Consumers Tend to Use Price as a Gauge of Quality