In Introducing the Opportunity Cost of Time into the Theory

question 303

Multiple Choice

In introducing the opportunity cost of time into the theory of consumer behavior, we find that, all else equal,

• A)one should consume less of time-intensive goods.
• B)one should consume more of time-intensive goods.
• C)the consumer's equilibrium position is not altered.
• D)the marginal utility derived from each product must be multiplied by consumption time in determining equilibrium.

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Definitions:

Plasticity

The brain's ability to change and adapt as a result of experience or injury.

Myelination

The process of forming a myelin sheath around a nerve to allow nerve impulses to move more quickly.

Phenotype

The set of observable characteristics of an individual resulting from the interaction of its genotype with the environment.

Phenotypes

Refers to observable characteristics or traits of an organism that result from the interaction of its genotype with the environment.