This situation is termed the endowment effect and is best described as:
A. the difference between what sellers demand and what buyers are willing to pay
B. a tendency for people to value an object more once they own it
C. the intrinsic value we associate with a certain outcome
D. saving money instead of purchasing goods
Answer:B
This situation is termed the endowment effect and is best described as:
A. the difference between what sellers demand and what buyers are willing to pay B. a tendency for people to value an object more once they own it C. the intrinsic value we associate with a certain outcome D. saving money instead of purchasing goods