Raising total utility is the prime objective of which political philosophy?

The observation that people tend to value something more highly when they own it than when they don't is called the

A) endorsement effect. B) endowment effect. C) path-dependent effect. D) wealth effect.

If an individual has a constant MRS of shoes for sneakers of 3/4 (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.