Multiple Choice
Which of the following statements is true?
A) A budget constraint remains the same for a consumer at all levels of income.
B) A budget constraint quantifies the trade-offs that economic agents face while making decisions.
C) A budget constraint is a function of the income of the consumer and not of the prices of the goods and services available for consumption.
D) A budget constraint is based on the minimum amount of money that an economic agent can spend on goods and services.
Correct Answer:
Verified
Correct Answer:
Verified
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