Author Question: Ali is having a garage sale. He is trying to sell an old alarm clock for 20, an old pair of sneakers ... (Read 100 times)

audie · **on:** Jun 22, 2018

Ali is having a garage sale. He is trying to sell an old alarm clock for 20, an old pair of sneakers for 40, and an old TV set for 100 . These prices are way too high. Since Ali owns these products, they seem to him to be more valuable than they really are. This phenomenon is known by social psychologists as ____.

a. lateral shrinkage
b. product affinity
c. personal use shrinkage
d. the mere ownership effect

Question 2

Which of the following is an explanation for the false consensus effect, but not an explanation for the false uniqueness effect?

a. People use themselves as an anchor when judging others.
b. People want to feel good about themselves.
c. People want to feel that they are consistent across time.
d. People tend to ignore base rate information when making probability estimates.