Preferences depend on
A) income but not relative prices.
B) relative prices but not income.
C) neither relative prices nor income.
D) both relative prices and income.
C
Economics
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The study of the decisions of individual units in the economy is known as
A) macroeconomics. B) microeconomics. C) the study of incentives. D) ceteris paribus study.
Economics
Consider two goods, X and Y, where X is measured on the horizontal axis and Y is measured on the vertical axis. All else constant, a decrease in the price of X will cause the consumer's budget constraint to:
A) rotate in along the X axis B) rotate out along the X axis. C) shift out parallel to the original budget constraint. D) shift in parallel to the original budget constraint.
Economics