A budget constraint is:
A. a line that is composed of all the possible combinations of goods and services that maximize a consumer’s total utility.
B. a line that is composed of the additional utility gained from consuming possible combinations of goods and services that a consumer can buy with his or her income.
C. a line that is composed of all the possible combinations of goods and services that a consumer can buy with his or her income.
D. a line that is composed of the total utility gained from consuming all possible combinations of goods and services that a consumer can buy with his or her income.
C. a line that is composed of all the possible combinations of goods and services that a consumer can buy with his or her income.
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If the demand curve for bottled water shifts rightward and the supply curve of bottled water shifts leftward, the equilibrium
A) price of bottled water definitely increases. B) price of bottled water definitely decreases. C) quantity of bottled water definitely increases. D) quantity of bottled water definitely decreases.
How can government best promote domestic industry?
What will be an ideal response?