Refer to the following graph. If the price of bagels falls, the budget constraint in the graph will rotate:
A. out and become flatter.
B. in and become steeper.
C. in and become flatter.
D. out and have the same slope.
Answer: A
Economics
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A. The market demand curve is perfectly inelastic. B. Each firm faces a relatively inelastic demand for its product. C. Each firm faces a perfectly inelastic demand for its product. D. The demand for each firm's product is kinked.
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One reason the total sum of all five income categories does not equal GDP is that
What will be an ideal response?
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