You go to buy a car and you want to have a monthly payment that is not over $200per month. You find the car you like and the offer the salesman gives you is outsideof your budget at $500. You tell the salesman you only want to pay $200 per monthand he says that price isn't possible an the lowest he can go is $300 per month. Youagree to that price because it's still less than the initial price the salesman given. Thesalesman still gets his full commission because he needed to sell the car at $300 permonth to qualify for the full amount.What bias is this situation is this an example of?Barnum EffectHalo EffectAnchoring biasLeniency Bias

Answered: You go to buy a car and you want to…

Ciccarelli: Psychology_5 (5th Edition)

5th Edition

ISBN:9780134477961

Author:Saundra K. Ciccarelli, J. Noland White

Publisher:Saundra K. Ciccarelli, J. Noland White

Chapter1: The Science Of Psychology

Section: Chapter Questions

Problem 1TY

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Question

You go to buy a car and you want to have a monthly payment that is not over $200
per month. You find the car you like and the offer the salesman gives you is outside
of your budget at $500. You tell the salesman you only want to pay $200 per month
and he says that price isn't possible an the lowest he can go is $300 per month. You
agree to that price because it's still less than the initial price the salesman given. The
salesman still gets his full commission because he needed to sell the car at $300 per
month to qualify for the full amount.
What bias is this situation is this an example of?
Barnum Effect
Halo Effect
Anchoring bias
Leniency Bias

Expert Solution

Step 1

People utilize their cognitive abilities to perceive, analyze and interpret large amounts of information around them. In this process, people are prone to commit some errors unconsciously, which are referred to as cognitive biases. These biases influence how we judge others & ourselves, make decisions, solve problems, etc. There are different kinds of cognitive biases such as self-serving bias, hindsight bias, halo-effect, misinformation effect, etc.