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
Shoes
Photographer unknown, Man with Big Shoes.
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