Robinson Crusoe is stranded on an island. He finds that coconuts are freely available (zero harvest cost), but fish are difficult to harvest and require a lot of energy. As a result, harvesting fish has a high price. If coconuts and fish are imperfect substitutes, what is Robinson Crusoe likely to consume?
A) He will consume more coconuts than fish.
B) He will consume more fish than coconuts.
C) He will consume equal amounts of both goods.
D) Not enough information is given.
Question 2
Data shows that United States college students purchase more e-books than German college students. Assuming that all students have identical preferences for e-books and textbooks, what is the likely explanation for this result?
A) Taxes on textbooks are higher in the United States than taxes on textbooks in Germany.
B) Taxes on textbooks are lower in the United States than taxes on textbooks in Germany.
C) The price of textbooks is cheaper in the United States than textbooks in Germany.
D) Both A and C.
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