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Harvey Miller owns a baseball that was hit for a home run by Ted Williams. Harvey, a long-time Bosto

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Harvey Miller owns a baseball that was hit for a home run by Ted Williams. Harvey, a long-time Bosto

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) the difference between implicit and explicit costs
B) the scarcity of home run baseballs hit by Ted Williams
C) the endowment effect
D) how social influences can affect consumption choices

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Essentials of Economics

Edition: 4^th

Authors: Hubbard, O'Brien

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Repeat after me: 'Calm down. Things are gonna be fine. Things are gonna be all great. Just relax.' Wink Face

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