The endowment effect is used to describe the mistake a consumer makes when he or she accounts for the monetary costs of his or her decisions but ignores the nonmonetary opportunity costs.
Answer the following statement true (T) or false (F)
False
The endowment effect occurs when people value something more because they have it already.
Economics
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Quotas are most often supported by
A) foreign producers. B) foreign consumers. C) domestic consumers. D) domestic producers.
Economics
A firm will operate if ______ is greater than ______; a firm will shut down if ______ are greater than _________.
Fill in the blank(s) with the appropriate word(s).
Economics