Multiple Choice
Refer to the diagram. Suppose the budget line shifts so that the consumer's equilibrium changes from point A to point B. This means that the
A) price of Y has increased.
B) price of Y has decreased.
C) price of X has increased.
D) consumer's money income has increased.
Correct Answer:
Verified
Correct Answer:
Verified
Q54: "Essential" water is cheaper than "nonessential" diamonds
Q55: Which of the following statements is correct?<br>A)
Q58: Refer to the diagram. If the budget
Q104: The fact that an ounce of gold
Q115: The law of diminishing marginal utility explains
Q184: Suppose a consumer has an income of
Q208: The law of diminishing marginal utility implies
Q234: The income and substitution effects will both
Q274: If you receive a gift whose market
Q288: The ratio of the prices of two