Asupermarket sells kiwis at a price of 33 cents each. then it starts selling the same product at the price of 3 kiwis for 99 cents. the manager observes that the sales are higher under the new policy. this behavior is best described as (a) mental accounting; (b) satisficing; (c) anchoring; (d) a context effect.
The first price to be mentioned will have an effect on the perception of all future prices. If we start with $200, then $100 will seem cheap, but £1000 seem expensive. But if we start with $10, then $100 will seem expensive.
The anchor for a price perception may be found in the first price mentioned. It can also arrive in the mind of the purchaser, where the anchor may have been set by previous experience.