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Milton is negotiating the price of his new car with the dealer. The dealer starts the negotiation by quoting a price of $25,000, which is
Milton is negotiating the price of his new car with the dealer. The dealer starts the negotiation by quoting a price of $25,000, which is higher than Milton expected. Despite knowing the actual value of the car and its market price (which is much lower), Milton finds it challenging to offer a significantly lower amount and ends up agreeing to a price closer to the dealer's initial offer. This scenario is an example of: Group of answer choices Availability heuristic Halo effect Anchoring heuristic Representativeness heuristic
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