The implicit cost of ownership:
A. is a cognitive bias if it goes ignored.
B. leads people to value things more once they possess them.
C. is a nonmonetary opportunity cost that is often overlooked.
D. All of these are true.
D. All of these are true.
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If people act as if they systematically pursue their own self-interest, then they will most likely
A) respond irrationally to any incentive. B) respond to a given incentive in a random manner. C) respond predictably to a given incentive. D) not respond to any incentive.
Economists need to develop abstractions in order to: a. avoid analyzing real-world economic interactions, which are too complicated to understand. b. distinguish normative economic behavior from positive economic behavior
c. avoid committing the fallacy of composition. d. understand and explain economic behavior.