A consumer's budget line will shift to the left in a parallel manner if:
a. the price of the good on the X-axis increases.
b. the price of the good on the Y-axis increases.
c. the consumer's income increases
d. the consumer's income decreases.
d
Economics
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Freezing temperatures in California have sharply reduced the supply of oranges in the U.S. You predict that the price of oranges will ________, and the more elastic the demand for oranges, the ________ will be the effect on the price
A) fall; smaller B) fall; greater C) rise; smaller D) rise; greater
Economics
Is it possible in the present to produce at a point that is outside the production possibilities frontier? Why or why not? With the passage of time how might a point outside the present production possibilities frontier be possible?
What will be an ideal response?
Economics