Example of which heuristic and bias

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Reference no: EM133554718

In the market for a new car and is considering one of the popular new electric vehicles. Since the car is brand new and just being introduced to the market, the car is in limited supply with local dealers. The manufacturer of the car Suggested Retail Price (MSRP) at $37,495. The local dealer has added a "supply shortage new model premium" to the car and the sticker price on the car on the lot of the local dealer is $42,495. Setting a high initial price on a new car is an example of which heuristic and bias?

Reference no: EM133554718

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