Will, Bill, and Phil decide to study an extra hour for an exam. Instead of studying, they could have gone out to eat, played football, or watched TV. Which of the following statements is correct?
A) The benefit the three students receive must be the same because they all make the same choice.
B) The marginal cost of the decision is the same if they make the same score on the exam.
C) The students could each have different opportunity costs.
D) The students made a rational choice as long as they face no scarcity.
E) Going out to eat, playing football, and watching TV are all called sunk costs.
Question 2
In the above figure, if the interest rate is 8 percent per year, the quantity of money demanded is
A) less than the quantity of money supplied, and the interest rate will change.
B) less than the quantity of money supplied, and the demand curve for money will shift.
C) greater than the quantity of money supplied, and the supply curve of money will shift.
D) greater than the quantity of money supplied, and the interest rate will change.
E) greater than the quantity of money supplied, and the demand curve for money will shift.
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