The above figure gives your budget line between CDs and magazines. Which of the following changes would NOT allow you to buy more CDs?
A) a decrease in the relative price of CDs
B) an increase in income
C) a decrease in the price of magazines with no change in the price of CDs
D) None of the above answers is correct because all of the above changes allow you to buy more CDs.
D
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For a perfectly competitive corn grower in Nebraska, the marginal revenue curve is
A) downward sloping. B) the same as its demand curve. C) upward sloping. D) U-shaped. E) vertical at the profit maximizing quantity of production.
Which of the following is associated with classical growth theory?
I. Growth in real GDP can continue indefinitely. II. Technological growth increases as the population grows. III. Population explosions bring real GDP per person back to subsistence levels. A) I B) II C) III D) I and III
The negative slope of a production possibilities frontier is a graphic representation of opportunity cost
a. True b. False Indicate whether the statement is true or false
When demand is inelastic, an increase in price will result in an increase in total revenue.
Answer the following statement true (T) or false (F)