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 principle that attempts to explain why the demand for a good or service is growing in the high-income sector while it is significantly decreasing in the low-income sector. This situation is created when people need access to goods or services which are unique or exclusive.