Scenario 21-1 Suppose the Price of Hot Wings Is $10, the Price

question 309

Multiple Choice

Scenario 21-1
Suppose the price of hot wings is $10, the price of beer is $1, and the consumer's income is $50. In addition, suppose the consumer's budget constraint illustrates hot wings on the horizontal axis and beer on the vertical axis.
-Refer to Scenario 21-1. If the price of beer doubles to $2, then the

• A)budget constraint intersects the vertical axis at 25 beers.
• B)slope of the budget constraint rises to -2.
• C)slope of the budget constraint falls to -4.
• D)budget constraint shifts inward in a parallel fashion.

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Definitions:

Union Shops

Workplaces where employees are not required to join a union as a condition of employment, but must join within a certain time period after being hired.

Union Dues

Fees paid by members to their respective unions, typically used to fund the activities and operations of the union, including bargaining and legal representation.

Binding Arbitration Clause

A provision in a contract that requires disputes to be resolved by arbitration, with the decision being final and enforceable by law.

Arbitrator's Decision

A binding determination made by an arbitrator, an impartial third party chosen to resolve a dispute, within the context of arbitration proceedings.