Although the Owners of a Theme Park Want to Sell

question 76

Multiple Choice

Although the owners of a theme park want to sell tickets for $80, they announce a general admission price of $100 per day. However, the theme park owners make tickets available online, in grocery stores, and in banks at a $20 discount. Thus, very few people pay the full general admission price. The field of behavioral economics would call this pricing an effort to sell more due to

• A) sunk costs.
• B) overconfidence.
• C) framing bias.
• D) overvaluation of the present compared to the future.

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Definitions:

Aggressive Behavior

Involves actions that can cause harm or damage to others, often characterized by physical or verbal hostility.

Helping Behavior

Actions intended to provide assistance or benefits to another individual or group without anticipation of personal gain.

Phobic Behavior

An excessive and irrational fear response, usually triggered by a specific object or situation.

Response Prevention

Also known as flooding, a behavior therapy in which a phobia is eliminated by forced exposure to the feared stimulus without an aversive consequence.