Price of One Good Increases While The Price of The Other Good and The Consumer's Income - Economics Assignment Help

Assignment Task

1) A consumer's willingness to trade one good (A) for another good (B) can be expressed by  the consumer's  

(a) Indifference curve.  

(b) Marginal rate of substitution.  

(c) Marginal utility  

(d) Both A and B above.  

(e) None of the above.  

2) If the price of one good increases while the price of the other good and the consumer's  income remain unchanged, what will happen to the budget line?  

(a) The budget line rotates inward from the intercept on the axis of the good that did not  change in price.  

(b) The budget line rotates outward from the intercept on the axis of the good that did not  change in price.  

(c) The budget line shifts inward without a change in slope.  

(d) The budget line shifts outward without a change in slope.  

(e) None of the above.  

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