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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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BuyFindarrow_forward

Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

What is the endowment effect?

To determine

Explain the endowment effect.

Explanation

The endowment effect is an outcome that occurs when people place a higher value on something simply because they own it. For example, if P wishes to buy Good X and P is ready to pay maximum $10 for it...

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