Research suggests that the placement of sales prices on cars or homes may affect the final agreed upon price between the buyer and seller. More specifically, the negotiated price tends to be biased toward the sales price originally posted on the car or house. This is an example of

Question

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This is an example of anchoring, where the initial price presented (the anchor) serves as a reference point for negotiation and biases the final agreed upon price.

Research Suggests That the Placement of Sales Prices on Cars