Specialty shops can charge and get customers to pay higher prices for identical goods than they would pay in "big box" stores.Assuming that these differences are driven by store appearance rather than differences in services provided,which of the following best explains this phenomenon?

Question

Quizplus · Accepted Answer

Framing effects can influence how customers perceive the value of goods based on the context in which they are presented. In specialty shops, the context may be framed as a luxurious or unique experience, which can increase customers' willingness to pay higher prices for identical goods.

Specialty Shops Can Charge and Get Customers to Pay Higher