Max has allocated $100 toward meats for his barbecue. His budget line and an indifference map are shown in the above figure. If the price of burger increases,
A) Max will buy less burger and more chicken.
B) Max will buy less burger and the same quantity of chicken.
C) Max will buy less of both meats.
D) More information is needed to answer the question.
D
Economics
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A commodity or token is money if it is ________
A. generally accepted as means of payment B. a store of value C. used in a barter transaction D. completely safe as a store of value
Economics
The presence of a negative externality is likely to give rise to significant market failures when: a. property rights are not well-defined
b. property rights are well-defined. c. there are few victims of pollution and few polluters. d. transaction costs are relatively low.
Economics