The figure above shows Ronald's budget line. He has a weekly income of $20, which he spends on hotdogs and hamburgers. Now Ronald's income decreases to $10 per week and the price of a hotdog doubles
Ronald's budget line becomes ________ and ________. A) flatter; shifts rightward
B) flatter; does not shift
C) steeper; shifts rightward
D) steeper; shifts leftward
D
Economics
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The table above gives Cathy's total utility from Mt. Dew. Cathy's marginal utility from additional Mt. Dews is
A) diminishing. B) increasing. C) constant. D) negative.
Economics
If price decreases by 10 percent and quantity demanded increases by 3 percent, the price elasticity of demand will be
A) 3. B) 0.3. C) 3.33. D) 300.
Economics