Biology Forums - Study Force

Alan Krueger conducted a survey of fans at the 2001 Super Bowl who purchased tickets to the game for $325 or $400. Krueger found that (a) 94 percent of those surveyed would not have paid $3,000 for their tickets, and (b) 92 percent of those surveyed would not have sold their tickets for $3,000. These results are an example of
A) the tendency of people to be unwilling to sell a good they already own even if they are offered a price that is greater than the price they would be willing to pay if they did not already own it.
B) the tendency for consumers to account for monetary costs but to ignore sunk costs.
C) consumers placing a high value on a product because it makes them appear to be fashionable.
D) the law of demand.

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