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A real experiment was once carried out as follows:
Half the tables in an all-you-can-eat pizza restaurant were selected at random and refunded their entry fee. Customers in both groups could still eat as much pizza as they wanted. It was found that the group that did not receive the refund consumed substantially more pizza.
b) Discuss why this experimental result is strange according to basic economic theory.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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