An article in the new york times about jc penneys pricing, Microeconomics

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An article in the new york times about jc penneys pricing

An article in the New York Times about J.C. Penney's pricing strategy under former CEO Ron Johnson observes: "Penney had pulled up the anchor, only to see many of its customers sail away."

a. In behavioral economics, what is an "anchor"?

b. In what sense did J.C. Penney "pull up the anchor"?

c. Why did Penney follow this strategy and what was the result?

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