Asked by Maria Magana on May 04, 2024
Verified
Your friend Victor gives you a bottle of red wine for your birthday and tells you that only 100 bottles of the wine exist in the world. Suddenly, the wine seems very important and special. This would seem to be due to the ____ principle.
A) reciprocity
B) consistency
C) commitment
D) scarcity
Scarcity Principle
A psychological and economic principle stating that limited supply of a commodity increases its demand and perceived value.
- Acquire insight into the concept of scarcity and its effect on the valuation of resources.
Verified Answer
CM
Chris MartinezMay 07, 2024
Final Answer :
D
Explanation :
The scarcity principle suggests that items are perceived as more valuable when they are seen as rare or in limited supply. In this case, the wine being one of only 100 bottles makes it seem important and special due to its scarcity.
Learning Objectives
- Acquire insight into the concept of scarcity and its effect on the valuation of resources.