Say that Janie is exhibiting the endowment effect as she makes a decision. She is:
A. consuming on the basis of endorsements by celebrities.
B. valuing what she already has more because she owns it.
C. deciding on the basis of sunk costs.
D. buying something she can't really afford right now because she expects to have savings in the future.
Answer: B
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Damage from floods and hurricanes which destroy a large portion of this year's crop of oranges will definitely make oranges more price inelastic in supply
Indicate whether the statement is true or false
All of the following would cause a rightward shift in the short-run aggregate-supply curve except
What will be an ideal response?
In which of the following market structures do you find many sellers?
A. monopolistic competition B. perfect competition C. monopoly D. Both monopolistic competition and perfect competition are correct
Refer to Exhibit 2-8. Who has the comparative advantage in the production of good Y?
