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1. Which of the following statement represents a potential endowment effect?a. A consumer is willing to pay $100 for a new chair but would only pay $95 to avoid losing a chair they already ownb. A consumer is willing to pay $95 for a new chair but would pay $120 to avoid losing a chair they already ownc. A consumer owns an expensive chair. It breaks. They can pay for the chair to be repaired for $200 or buy a new chair with similar quality and design for $250. They think, "I've already spent so much on this chair, I can't just throw it away" even though the repaired chair will not last as long or be as comfortable as the new chaird. A sales person tells a customer a chair normally costs $300, even though it can be frequently found at other retailers for under $150. The customer later sees the chair on sale for $200 and thinks it's a fantastic deal.

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