In consumer psychology, what is the 'decoy effect' (also known as the 'asymmetric dominance effect') that retailers use to influence purchasing decisions?

How well do you understand the psychological principles that drive consumer purchasing decisions? This trivia poll tests your knowledge about one of retail's most powerful strategies: the decoy effect. This pricing and product presentation technique is employed by many successful brands to guide consumer choices and increase sales of specific products. Test your expertise on this subtle but effective psychological retail tactic!

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Adding a strategically priced third option to make one of the other options seem more attractive by comparison
Creating artificial scarcity by limiting the number of products available to increase perceived value
Positioning premium products at eye level while placing budget options on lower shelves
Using celebrity endorsements to create an emotional connection between consumers and products