Solved

Figure 21-3 -Refer to Figure 21-3.Assume That a Consumer Faces Both Budget

Question 73

Multiple Choice

Figure 21-3
Figure 21-3    -Refer to Figure 21-3.Assume that a consumer faces both budget constraints in graph (a) and graph (b) on two different occasions.If her income has remained constant,what has happened to prices? A) The price of X in graph (a)  is higher than the price of X in graph (b) . B) The price of Y in graph (a)  is higher than the price of Y in graph (b) . C) The prices of both X and Y are lower in graph (a) . D) None of the above are true.
-Refer to Figure 21-3.Assume that a consumer faces both budget constraints in graph (a) and graph (b) on two different occasions.If her income has remained constant,what has happened to prices?


A) The price of X in graph (a) is higher than the price of X in graph (b) .
B) The price of Y in graph (a) is higher than the price of Y in graph (b) .
C) The prices of both X and Y are lower in graph (a) .
D) None of the above are true.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions