Jane's budget line А. rotates outward if her budget increases and prices don't change В. shifts outward with no change in its slope if her budget increases and prices don't change C. shifts inward with no change in its slope if the price of one good rises and her budget doesn't change D. rotates inward if the prices of both goods double and her budget doesn't change
Jane's budget line А. rotates outward if her budget increases and prices don't change В. shifts outward with no change in its slope if her budget increases and prices don't change C. shifts inward with no change in its slope if the price of one good rises and her budget doesn't change D. rotates inward if the prices of both goods double and her budget doesn't change
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter20: Consumer Choice: Maximizing Utility And Behavioral Economics
Section: Chapter Questions
Problem 6WNG
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![Jane's budget line
A.
rotates outward if her budget increases and prices don't change
В.
shifts outward with no change in its slope if her budget increases and prices don't change
C.
shifts inward with no change in its slope if the price of one good rises and her budget doesn't change
D.
rotates inward if the prices of both goods double and her budget doesn't change](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbe59aab9-d846-45e4-9c85-48d1701af51d%2Fefd5c59b-b216-47fc-9af2-d8a73a494ede%2Ftklopbi_processed.png&w=3840&q=75)
Transcribed Image Text:Jane's budget line
A.
rotates outward if her budget increases and prices don't change
В.
shifts outward with no change in its slope if her budget increases and prices don't change
C.
shifts inward with no change in its slope if the price of one good rises and her budget doesn't change
D.
rotates inward if the prices of both goods double and her budget doesn't change
![Which of the following events illustrates the law of demand: Other things remaining the same, a rise in the price of a good will
А.
increase the demand for a complement of that good
В.
increase the demand for a substitute of that good
C.
decrease the quantity demanded of that good
D.
decrease the demand for the good](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbe59aab9-d846-45e4-9c85-48d1701af51d%2Fefd5c59b-b216-47fc-9af2-d8a73a494ede%2F24ts6ba_processed.png&w=3840&q=75)
Transcribed Image Text:Which of the following events illustrates the law of demand: Other things remaining the same, a rise in the price of a good will
А.
increase the demand for a complement of that good
В.
increase the demand for a substitute of that good
C.
decrease the quantity demanded of that good
D.
decrease the demand for the good
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