The endowment effect is the tendency of people to be unwilling to sell a good they already own even if they are offered a price greater than they would be willing to pay to buy the good if they did not already own it
Indicate whether the statement is true or false
TRUE
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A person's real income will increase by 3% if her nominal income increases by
A. 5% while the price index falls by 2%. B. 5% while the price index rises by 2%. C. 2% while the price index falls by 5%. D. 2% while the price index rises by 5%.
A ________ is a formal organization of producers who agree on anticompetitive actions
A) duopoly B) cartel C) monopoly D) partnership
Marginal cost is the
a. change in total cost resulting from producing one more unit of output. b. change in total fixed cost resulting from producing one more unit of output. c. total cost when one more unit of output is produced. d. total fixed cost when one more unit of output is produced.
One of the most famous cartels is OPEC
a. True b. False Indicate whether the statement is true or false