Multiple Choice
Suppose that a consumer's income triples. However, at the same time, both the price of x and the price of y also triple. This consumer has experienced
A) an increase in purchasing power.
B) a decrease in purchasing power.
C) no change in purchasing power.
D) a pivot in the budget constraint with an undetermined effect on purchasing power.
Correct Answer:
Verified
Correct Answer:
Verified
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