Question

The situation in which a person places greater value on a good as fewer and fewer people possess it is called the

Answer 1

The correct answer is: Snob effect.

Step-by-step explanation:

The Snob effect is a phenomenon that tries to explain why the demand for a good or service increases in the high-income sector while it decreases substantially in the low-income sector. This scenario is created when people need access to rare or exclusive goods or services.