What is the endowment effect?
A) the tendency of firms to use celebrities endowed with good looks to promote their products
B) the phenomenon that economic agents are endowed with different qualities and abilities so that trade among individuals increase efficiency
C) the tendency of people to be unwilling to sell something they already own even if they are offered a price that is greater than the price they would be willing to pay to buy the good if they didn't already own it.
D) the tendency for economic agents with abundant resources to consume a proportionately greater quantity of goods and services
Question 2
Which of the following will not cause the labor demand curve to shift to the right?
A) a technological improvement that increases labor productivity
B) an increase in human capital in the labor force
C) an increase in the market wage rate
D) an increase in the price of the firm's product
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