) (a) In behavioral economics, what is meant by the “framing effect”? (b) In the standard economic m

) (a) In behavioral economics, what is meant by the “framing effect”?

(b) In the standard economic model of consumer behavior, as a person consumes more of a product, do we assume that his marginal utility is increasing or diminishing?

(c) In behavioral economics, what is meant by the “endowment effect”?

 

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