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Referring to the graph below (Figure 2) showing a consumer's initial budget line (labeled BO) and new budget line (labeled B1) for two goods, X and Y, and two different indifference curves (IC1-IC2). 81 B0 Figure 2 Consider the shift in the budget line from B0 to B1. Which of the following is true? O a. The price of good Y increased. O b. The price of good X increased. O c. The price of good X decreased. O d. The price of good Y decreased.

Referring to the graph below (Figure 2) showing a consumer's initial budget line (labeled BO) and new budget line (labeled B1) for two goods, X and Y, and two different indifference curves (IC1-IC2). 81 B0 Figure 2 Consider the shift in the budget line from B0 to B1. Which of the following is true? O a. The price of good Y increased. O b. The price of good X increased. O c. The price of good X decreased. O d. The price of good Y decreased.

Big Ideas Math A Bridge To Success Algebra 1: Student Edition 2015
Big Ideas Math A Bridge To Success Algebra 1: Student Edition 2015
1st Edition
ISBN:9781680331141
Author:HOUGHTON MIFFLIN HARCOURT
Publisher:HOUGHTON MIFFLIN HARCOURT
Chapter1: Solving Linear Equations
Section: Chapter Questions
Problem 21CR
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IC2 IC1 81 B0 Figure 2
Transcribed Image Text:IC2 IC1 81 B0 Figure 2
Referring to the graph below (Figure 2) showing a consumer's initial budget line (labeled BO) and new budget line (labeled B1) for two goods, X and Y, and two different indifference curves (IC1-IC2). IC1 81 Figure 2 Consider the shift in the budget line from B0 to B1. Which of the following is true? O a. The price of good Y increased. O b. The price of good X increased. O c. The price of good X decreased. O d. The price of good Y decreased.
Transcribed Image Text:Referring to the graph below (Figure 2) showing a consumer's initial budget line (labeled BO) and new budget line (labeled B1) for two goods, X and Y, and two different indifference curves (IC1-IC2). IC1 81 Figure 2 Consider the shift in the budget line from B0 to B1. Which of the following is true? O a. The price of good Y increased. O b. The price of good X increased. O c. The price of good X decreased. O d. The price of good Y decreased.
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