Elliott's credit card bill includes a minimum payment amount. Compared to a situation in which a minimum payment amount is not provided, it is likely that Elliott will make a _____ partial payment, reflecting his use of the _____ heuristic.

Question

Quizplus · Accepted Answer

The anchoring and adjustment heuristic refers to the tendency for people to rely too heavily on the first piece of information they receive (the anchor) when making subsequent judgments or decisions. In the case of Elliott's credit card bill, the minimum payment amount serves as an anchor, which may lead him to make a smaller partial payment than he otherwise would if there were no minimum payment required. Therefore, choice A is the best answer.

Elliott's Credit Card Bill Includes a Minimum Payment Amount