Deondre Would Like to Buy a Particular T-Shirt from His

question 75

Multiple Choice

Deondre would like to buy a particular T-shirt from his university bookstore. However, he is only willing to pay $15 for the shirt and it is selling for $30. One day Deondre's family comes to visit, and they gift him the T-shirt. A friend later offers to buy the shirt from Deondre for $20, but he declines, saying that it's worth more. This is an example of:

• A)the endowment effect.
• B)status quo bias.
• C)commitment bias.
• D)anchoring.

---

Definitions:

Infinite Generativity

The capacity of language to produce an endless number of meaningful sentences using a finite set of rules and words.

Semantic

Semantic pertains to meaning in language or logic, specifically the aspects that deal with the meanings of words and sentences.

Flashbulb Memory

A highly detailed, exceptionally vivid 'snapshot' of the moment and circumstances in which a piece of surprising and consequential (or emotionally arousing) news was heard.

Retention Cue

A retention cue is a stimulus or reminder that aids in the recall of information from memory.