For many consumers, there is an implicit belief that the higher the cost of the service the more likely it will be that the service is of a high quality.

Question

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This is a common misconception known as the "price-quality" heuristic. However, research has shown that there is not always a direct correlation between price and quality. High prices may be due to other factors such as brand image, marketing costs, or scarcity. It is important for consumers to assess the quality of a service based on other factors such as reputation, reviews, and personal experience.

For Many Consumers, There Is an Implicit Belief That the Higher