A Consumer Is Given the Chance to Buy a Concert

question 22

Multiple Choice

A consumer is given the chance to buy a concert ticket for $50 and refuses.Later,that same consumer wins a free ticket to the concert.When asked to sell that ticket for $50,the consumer refuses,indicating that he would rather use the ticket himself.This is an example of

• A)endowment effect.
• B)salience.
• C)framing bias.
• D)irrational behavior.

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Definitions:

Online Sale

A transaction for the purchase of goods or services conducted over the internet.

Default Case

In switch statements, the case that is executed when no case matches the switch expression.

Switch Statement

A control statement in programming used to perform different actions based on different conditions by checking a variable against multiple values.

Do…while Loop

A control flow statement that executes a block of code at least once before checking the given boolean condition at the end of the block.