Suppose that an individual has a constant MRS of shoes for sneakers of 4:3 (that is, he or she is always willing to give up 3 pairs of sneakers to get 4 pairs of shoes). Then, if sneakers and shoes are equally costly, he or she will:
a. buy only sneakers.
b. buy only shoes.
c. spend his or her income equally on sneakers and shoes.
d. wear sneakers only 3/4 of the time.
Question 2
An experience good is one that:
a. Only an expert can use
b. Has undetectable quality when purchased
c. Can be readily experienced simply by touching or tasting
d. Improves with age, like a fine wine
e. All of the above
An individual affected by xeroderma pigmentosum
A nearly motionless individual, alert to danger, will whistle when alarmed to warn other groundhogs
Shoes
A sod house in North Dakota, 1896. Individual “bricks” of sod were hewn from the ground and stacked
Reaction at constant-pressure
Francis Morocco shoes