Harvey Miller owns a baseball that was hit for a home run by Ted Williams
Harvey, a long-time Boston Red Sox fan, recently refused to sell his baseball for $75,000 even though he would not have paid someone more than $10,000 for the baseball if he did not already own it. Harvey explained his decision not to sell the baseball by noting that: "Ted Williams was my hero. This baseball has a great deal of sentimental value for me." Which of the following can explain Harvey's behavior?
A) how social influences can affect consumption choices
B) the difference between implicit and explicit costs
C) the endowment effect
D) the scarcity of home run baseballs hit by Ted Williams
C
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Refer to Figure 29-1. Europe suffers a recession. Assuming all else remains constant, this would be represented as a movement from
A) B to C. B) D to A. C) C to D. D) A to B. E) A to D.
In the long run, which of the following is true?
A. Profit effects are larger than cost effects. B. Cost effects offset price effects. C. Cost effects are larger than profit effects. D. None of the choices are correct.