Other things being equal, if there is an increase in the price of the good measured on the vertical axis, the budget constraint will shift outward

What effect would an increase in the price of pork have on the demand for beef?

A) It would decrease the demand for beef. B) It would decrease the demand for beef only if the demand for beef is elastic. C) It would increase the demand for beef. D) It would increase the demand for beef only if the demand for beef is inelastic. E) It would have no effect, because a change in price affects only the quantity demanded, not the demand.

A common mistake made by consumers is the failure to take into account the monetary costs of their actions

Indicate whether the statement is true or false