If the relative price of one unit of good X is 5 units of good Y, then it follows that the absolute price of good X can be __________ and the absolute price of good Y can be __________
A) $20,000; $10,000
B) $40,000; $8,000
C) $30,000; $5,0000
D) $5,000; $40,000
E) a and c
B
Economics
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How does a decrease in the price of one good affect a consumer's budget constraint? How is the effect different from a decrease in the consumer's income?
What will be an ideal response?
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Refer to Figure 4-1. If the market price is $2.00, what is Arnold's consumer surplus?
A) $0.50 B) $1.00 C) $1.50 D) $3.00
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