Multiple Choice
Deondre would like to buy a particular T-shirt from his university bookstore. However, he is only willing to pay $15 for the shirt and it is selling for $30. One day Deondre's family comes to visit, and they gift him the T-shirt. A friend later offers to buy the shirt from Deondre for $20, but he declines, saying that it's worth more. This is an example of:
A) the endowment effect.
B) status quo bias.
C) commitment bias.
D) anchoring.
Correct Answer:
Verified
Correct Answer:
Verified
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