The law of diminishing marginal utility implies that the marginal utility of my fifth waffle is less than the marginal utility of my friend's second waffle, other things constant

How will consumers generally react to an increase in the price of butter?

a. They will purchase a larger quantity of butter. b. They will substitute other goods like margarine for the more expensive butter. c. They will reduce their purchases of substitute goods like margarine. d. They will continue purchasing the same quantity of butter at the higher price.

Which of the following is not part of Hernando de Soto's The Other Path?

A. Reducing taxes. B. Encouraging the "underground" economy. C. Enforcing laws to safeguard private income. D. Improving infrastructure.