Suppose that your friend Victor gives you a bottle of red wine for your birthday, and tells you that only 100 bottles of that wine exist in the world. Suddenly the wine seems very important and special. This would seem to be due to the ____ principle.

Question

Quizplus · Accepted Answer

The scarcity principle states that people value things more when they are less available or scarce. In this scenario, knowing that there are only 100 bottles of that specific red wine in the world makes it seem rare and valuable, which is why the wine appears important and special.

Suppose That Your Friend Victor Gives You a Bottle of Red