The situation in which a person places greater value on a good as fewer and fewer people possess it is called the
A) Bandwagon Effect.
B) Greater Value Effect.
C) Snob Effect.
D) Behavioral Effect.

Question

Quizplus · Accepted Answer

The situation described is known as the Snob Effect, where an individual's preference for a particular item increases as the number of people who possess it decreases. This effect is driven by a desire to stand out or be seen as unique or exclusive.

The Situation in Which a Person Places Greater Value on a Good