If a person's marginal rate of time preference for equal amounts of consumption in the present and next periods is less than one, she is said to be:
A)elastic.
B)patient.
C)normal.
D)impatient.

Question

Quizplus · Accepted Answer

A person with a marginal rate of time preference less than one is willing to wait and is considered patient. They value future consumption almost as much as present consumption, which means they have a lower discount rate for the future.

If a Person's Marginal Rate of Time Preference for Equal