Fashion Differs from a Fad in That Fashion

question 42

Multiple Choice

Fashion differs from a fad in that fashion:

• A) is shorter lived.
• B) is less conventional.
• C) reflects established cultural values.
• D) All of the above are correct.

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Definitions:

Endowment Effect

A psychological inclination to value possessions more highly solely due to personal ownership.

Endowment Effect

A mental occurrence in which individuals attribute increased worth to objects simply because they possess them.

Losses

Negative financial results stemming from expenses exceeding revenues or from decreases in asset values.

Gains

The benefits or profits gained from a particular activity or financial transaction.