Multiple Choice
Scenario 21-1
Suppose the price of hot wings is $10, the price of beer is $1, and the consumer's income is $50. In addition, suppose the consumer's budget constraint illustrates hot wings on the horizontal axis and beer on the vertical axis.
-Refer to Scenario 21-1. If the price of beer doubles to $2, then the
A) budget constraint intersects the vertical axis at 25 beers.
B) slope of the budget constraint rises to -2.
C) slope of the budget constraint falls to -4.
D) budget constraint shifts inward in a parallel fashion.
Correct Answer:
Verified
Correct Answer:
Verified
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Q308: Figure 21-29<br>The figure below illustrates the preferences
Q310: Figure 21-12 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1273/.jpg" alt="Figure 21-12
Q311: Figure 21-30 The graph shows two budget
Q312: Figure 21-5<br>(a)<br>(b) <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1273/.jpg" alt="Figure 21-5 (a)
Q313: Figure 21-21 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1273/.jpg" alt="Figure 21-21
Q314: Figure 21-32 The figure shows three indifference