Harvey Miller owns a baseball that was hit for a home run by Ted Williams.
Harvey, a long-time Boston Red Sox fan, recently refused to sell his baseball for 75,000 even though he would not have paid someone more than 10,000 for the baseball if he did not already own it. Harvey explained his decision not to sell the baseball by noting that: Ted Williams was my hero. This baseball has a great deal of sentimental value for me. Which of the following can explain Harvey's behavior?
A) how social influences can affect consumption choices
B) the difference between implicit and explicit costs
C) the endowment effect
D) the scarcity of home run baseballs hit by Ted Williams
Question 2
Long-run equilibrium in a monopolistically competitive market is similar to long-run equilibrium in a
perfectly competitive market in that in both markets, firms
A) produce at the minimum point of their average total cost curves.
B) produce where price equals marginal revenue.
C) break even.
D) produce where price equals marginal cost.
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