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Junior collects baseball cards. He owns one Felix Hernandez card that sells in most shops for $15. He is interested in buying a different Felix card that also sells for $15. According to behavioral economics:
A. Junior should value the two cards equally and be willing to trade one for the other.
B. the availability heuristic will cause Junior to value more highly the card he doesn't have.
C. the endowment effect would suggest that Junior would not be willing to trade the card he has for the card he doesn't have.
D. prospect theory says he will buy the second card as both have the potential to appreciate in value
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The numbers on this spectrum represent the number of voters lying to the left of the number.
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If pasta is an inferior good and if the price of pasta increases, the income effect _____________ the quantity demanded, and the substitution effect ___________ the quantity demanded.
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