Two groups of real estate agents were asked to name the true value of a house. Except one group was shown an asking price that was $200,000 higher than the second group. The responses demonstrated an anchoring index of 35%. This implies that:

Question

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An anchoring index of 35% means that the difference in the suggested prices between the two groups is 35% of the $200,000 difference in the asking prices, which is $70,000.

Two Groups of Real Estate Agents Were Asked to Name