A consumer is given the chance to buy a concert ticket for $50 and refuses. Later, that same consumer wins a free ticket to the concert
When asked to sell that ticket for $50, the consumer refuses, indicating that he would rather use the ticket himself. This is an example of A) endowment effect.
B) salience.
C) framing bias.
D) irrational behavior.
A
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Firm ownership in the United Kingdom is largest for
A) individuals. B) financial institutions ? agents. C) financial institutions ? ownership/control. D) nonfinancial corporations.
The marginal social benefit of air quality
a. declines as air quality increases b. rises as air quality increases c. remains constant as air quality increases d. first falls then rises as air quality increases e. is always negative
Referring to a production possibilities curve and the goods being compared, depict the economic event. The SARS epidemic spreads rapidly throughout Toronto, Canada claiming millions of lives (capital vs. consumer goods).
A. A movement from a point inside the curve to a point on the curve B. A movement from a point on the curve to a point inside the curve C. A shift in the entire curve to the right (outward) D. A shift in the entire curve to the left (inward)
The opportunity cost of something is the nominal price paid for the product.
Answer the following statement true (T) or false (F)