For a person who consumes only steak and lobster, a fall in either the price of a steak or the price of a lobster shifts the budget line for the two leftward and does not change its slope

Indicate whether the statement is true or false


FALSE

Economics

You might also like to view...

The greater the substitutability between Northwest timber and Southeast timber, the ________ is the cross elasticity of demand between timber from the two regions and the ________ is the elasticity of demand for Northwest timber

A) smaller; smaller B) smaller; larger C) larger; smaller D) larger; larger

Economics

Representative democracy makes no sense from an economic point of view

a. True b. False

Economics

If Bill Gates voluntarily gives some of his money to a destitute family, it would be a Pareto improvement

a. True b. False

Economics

The equilibrium solution for the following payoff matrix is: AABA: ?1, B: ?1A: 5, B: 0BA: 2, B: 2A: 10, B: 1 

A. 10, 1. B. ?1, ?1. C. 5, 0. D. 2, 2.

Economics