Economist David Friedman pointed out that
A)the endowment effect is not limited to humans.
B)the law of diminishing marginal utility does not hold for money.
C)the diamond-water paradox would not exist if water was scarce and diamonds were plentiful.
D)the government should provide the necessities of life for free.

Question

Quizplus · Accepted Answer

David Friedman noted that the endowment effect, which is the tendency for people to value something more highly simply because they own it, is not limited to humans and can be observed in other animals as well.

Economist David Friedman Pointed Out That