Fine-dining restaurants commonly provide statements in their menus such as, A 20 gratuity will be added to all checks for parties of six or more patrons.
Given that this statement tends to raise the level of tips or gratuities left by other groups of diners, the statement is a good example of: A) the endowment effect.
B) loss aversion.
C) anchoring.
D) none of the above
Question 2
Many states use container redemption programs to encourage reuse of glass bottles and other recyclable containers.
Suppose a state has a current redemption program that imposes a 10-cent per container fee, and then the state increases the fee to 15 cents per container. What is the expected impact of this change on the optimal quantity of unredeemed (scrapped) containers? A) Optimal quantity increases
B) Optimal quantity decreases
C) Optimal quantity remains unchanged
D) We cannot determine the outcome of this policy change without having more information
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