Suppose a College Student Was Given a University Mug That

question 31

Multiple Choice

Suppose a college student was given a university mug that sells for $4 in the university bookstore, and now he is unwilling to sell it even for $10. Which of the following statements best reflects the student's behavior?

• A) Indifference curves are quasi-concave.
• B) The more you have of something, the more you want to get rid of it.
• C) The act of owning a good makes it more valuable.
• D) Preferences are not always logically consistent, violating the assumption of transitivity.

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Definitions:

Republican Press

The segment of the media historically aligned with or supportive of the Republican Party and its policies in the United States.

Alexander Hamilton

A Founding Father of the United States, first Secretary of the Treasury, and key figure in the establishment of the national financial system.

Marbury v. Madison

The 1803 Supreme Court case that established the principle of judicial review in the United States, allowing courts to strike down laws, statutes, and some government actions that violate the Constitution.

Judicial Review

The principle that allows courts, especially the Supreme Court, to review and possibly invalidate legislation and government actions deemed inconsistent with the constitution.