a. When prospect theory occurs, O people are willing to receive more for things they own than they would have to give to get something they already have. O people assign the same utility to a given situation regardless of their previous status quo. O people judge gains and losses relative to the status quo that they are used to. people are better able to process changes in product sizes than changes in price. b. When a framing effect occurs, people isolate purchases and fail to consider all consumption options. people assign higher values to the things they own than to the things they do not own. O people's preferences can change drastically dependent on contextual information. the choice of strategy doesn't matter since consumers are generally able to recognize price increases regardless of what form they take. c. When the endowment effect occurs, people are better able to process changes in product sizes than changes in price. people judge gains and losses relative to the status quo that they are used to. the choice of strategy doesn't matter since consumers are generally able to recognize price increases regardless of what form they take. people assign higher values to the things they own than to the things they do not own. d. When mental accounting occurs, people assign the same utility to a given situation regardless of their previous status quo. people's preferences can change drastically dependent on contextual information. people are better able to process changes in product sizes than changes in price. people isolate purchases and fail to consider all consumption options