Figure 21-3 in Each Case, the Budget Constraint Moves from BC-1 to BC-1

question 61

Multiple Choice

Figure 21-3
In each case, the budget constraint moves from BC-1 to BC-2.
-Refer to Figure 21-3. Which of the graphs in the figure reflects a decrease in the price of good X only?

• A)graph a
• B)graph b
• C)graph c
• D)graph d

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Definitions:

Rule Of Law

Rule of governing whereby all individuals are accountable to well-defined and established laws that are fairly enforced.

Expropriation

The act of a government taking privately owned property, typically for public use or benefit, sometimes with compensation.

Repatriation

The process of returning a person to their country of origin or citizenship, or the process of converting foreign currency into the currency of one's own country.

Legislation

Laws or legal statutes that are established by a governing body to regulate, authorize, prohibit, or provide framework for certain actions and practices.