By definition, M1 includes:

Which of the following does not reflect a positive rate of time preference?

a. People are willing to pay high prices to see new movies at first-run theaters. b. A bank pays interest on savings accounts. c. Ed puts money in his mattress for a rainy day. d. Dry cleaners that provide faster service can charge more. e. A college freshman parties all semester, then stays awake studying for 50 straight hours during final exam week.

Patrick is considering two different jobs in the same city-one as a bicycle courier, and the other as a mail room clerk. Both require equivalent training. He finds neither job very appealing, but, if they pay the same wage rate, Patrick would prefer to work as a mail room clerk. In order for Patrick to find the two jobs equally attractive, the

a. mail room job must pay a compensating wage differential b. mail room job must pay a preference premium c. courier job must pay a compensating wage differential d. courier job must involve longer working hours e. mail room job must involve longer working hours