The anchoring effect suggests that when people are made to think of large abstract numbers before they go shopping, many of them will subsequently be willing to pay higher prices for stuff.

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Natasia Morris · Accepted Answer

Final Answer : True, Explanation :  The anchoring effect is a cognitive bias that describes the common human tendency to rely too heavily on the first piece of information offered (the anchor) when making decisions. When people are exposed to large numbers before shopping, those numbers can serve as an anchor, making them more willing to accept higher prices as they compare them to the initial large number, even if the context is different.

The anchoring effect suggests that when people are made to think of large abstract numbers before they go shopping, many of them will subsequently be willing to pay higher prices for stuff.

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