The tendency for people to inflate the value of objects, good, or services they already own is called the
a. endowment effect.
b. escalation effect.
c. sunk cost effect.
d. expectancy phenomenon.
Question 2
Imagine that some researchers conducted a study and interpreted the results of the study as indicative of normative influence. These researchers are most likely to reach this conclusion if participants in their study
a. were truly convinced that the majority was correct in their opinions.
b. behaved in a way that would be considered normal to people in Western cultures.
c. did what they felt was morally right, even if it violated social norms in the process.
d. conformed because they feared being rejected for appearing deviant.
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