When the price of one good changes, while the prices of all others stay the same:
A. the change in relative prices is reflected in a change in the slope of the budget constraint.
B. the change in relative prices can be thought of as a change in the opportunity costs of each good.
C. the change in relative prices is reflected in a change in the marginal utility per dollar spent on each good.
D. All of these statements are true.
D. All of these statements are true.
Economics
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When society gets the most it can from its scarce resources, then the outcome is called
a. equitable. b. efficient. c. normal. d. efficacious.
Economics