The observation that people tend to value something more highly when they own it than when they don't is called the
A) endorsement effect. B) endowment effect.
C) path-dependent effect. D) wealth effect.
B
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Allocative efficiency is achieved when firms produce goods and services
A) that consumers value most. B) at a marginal cost of zero. C) at the lowest possible cost. D) at the lowest opportunity cost.
Which of the following would be considered a variable input in the long run? a. The size of a firm's plant
b. The acreage of an apple farmer's orchard. c. The production capacity of a machine. d. All of the above.
Barriers to entry into a market could include all of the following, except one. Which is the exception?
a. government restrictions b. brand loyalty c. large marginal costs d. licensing fees e. large fixed costs
The economy is viewed as operating at full employment:
a. when there is no frictional unemployment. b. when there is no structural unemployment. c. when there is no seasonal unemployment. d. when there is no cyclical unemployment.