When demand is inelastic, a decrease in price increases total revenue

The Fisher equation implies that an increase in the nominal rate of interest relative to the real rate indicates that ________

A) inflation is expected to rise B) inflation is expected to decrease C) the real cost of borrowing has increased D) the real cost of borrowing has decreased E) none of the above

A budget constraint shows

a. the maximum utility that a consumer can achieve for a given level of income. b. a series of bundles that cost the consumer the same amount of money. c. a series of bundles that give the consumer the same level of utility. d. All of the above are correct.