The Observation That People Tend to Value Something More Highly

question 104

Multiple Choice

The observation that people tend to value something more highly when they own it than when they don't is called the

• A)wealth effect.
• B)endowment effect.
• C)path-dependent effect.
• D)endorsement effect.

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Definitions:

Patent

A government grant that gives an inventor the exclusive right or privilege to make, use, or sell an invention for a limited time period.

Copyright

The exclusive right of an author or other creator to publish, print, or sell an intellectual production for a statutory period of time.

Employment Law

The branch of law that deals with the rights and duties between employers and workers.

Sexual Harassment

In the employment context, the granting of job promotions or other benefits in return for sexual favors (quid pro quo harassment), or language or conduct that is so sexually offensive that it creates a hostile working environment (hostile environment harassment).