The Situation in Which a Person Places Greater Value on a Good

question 41

Multiple Choice

The situation in which a person places greater value on a good as more and more people possess it is called

• A)Bandwagon Effect.
• B)Greater Value Effect.
• C)Snob Effect.
• D)Behavioral Effect.

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Definitions:

Objectivity

Is assessed by the degree of consistency between the observations of independent observers.

Sampling

A statistical method of selecting a subset of individuals or observations from a larger population to make inferences about the whole population.

Observation

The action or process of closely monitoring or watching something or someone carefully or in order to gain information.

Overgeneralization

The cognitive bias of applying a rule or conclusion too broadly across situations that don't necessarily fit.