NOTE: PLEASE ANSWER ASAP THANK YOU!! QUESTION #20: Price decreases willa household's choice set.A) increaseB) decreaseC) not changeD) sometimes increase and other times decreaseQUESTION #21: The real cost of a car is its opportunity cost. Opportunity cost is determined byA) the price of the car.B) relative prices.C) wealth.D) the prices of the goods that are compliments to a car.Refer to the information provided in Figure 6.5 below to answer the questions that follow.Oel's monthly budgetNumber of CDsper monthNumber of cassette tapes per monthQUESTION #22: Refer to Figure 6.5. Oel's budget constraint is BD. If the price of CDs decreases, hernew budgetconstraint becomesA) AD.B) AO.C) CD.D) EF.QUESTION #23: Refer to Figure 6.5. Qel's budget constraint is CD. If her income increases, her newbudgetconstraint isA) ADB) BDC) EFD) not shown on this graph.QUESTION #24: Refer to Figure 6.5. gel's budget constraint is BD. gels's income is Php600, the price ofa cassette tapeis Php15 and the price of a CD is Php20. At Point B the consumer is buying.cassettetapes andCDs.A) 0; 30B) 30; 0C) 20; 15D) 40; 30

Price is the amount of money that is needed to be paid to get a particular good or service.

Answered: QUESTION #20: Price decreases will A)…

QUESTION #20: Price decreases will A) increase B) decrease C) not change D) sometimes increase and other times decrease a household's choice set.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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