Hold Jared's Preferences for Pizza and Pepsi Constant

question 159

Multiple Choice

Hold Jared's preferences for pizza and Pepsi constant. Suppose Jared's income, as well as the prices of pizza and Pepsi, double. As a result,

• A)both Jared's indifference curves and his budget constraint change.
• B)Jared's indifference curves change, but his budget constraint does not change.
• C)Jared's budget constraint changes, but his indifference curves do not change.
• D)neither Jared's indifference curves nor his budget constraint change.

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Definitions:

Normal Curve

A bell-shaped curve that represents the distribution of a set of data where most occurrences take place in the middle of the range.

Standard Deviation

A statistical measurement that quantifies the dispersion or spread of a set of data points around the mean.

Raw Scores

A raw score is the initial, unadjusted score obtained directly from the number of questions answered correctly on a test or assessment.

Test-retest Reliability

The consistency of test scores obtained by the same individuals over successive administrations of the same test.