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

question 64

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 could reflect a simultaneous decrease in the price of good X and increase in the price of good Y?
(i) graph a
(ii) graph b
(iii) graph c
(iv) graph d

• A)(ii) only
• B)(iii) only
• C)(ii) or (iv) only
• D)None of the above is correct.

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Definitions:

Willed

Refers to the act of intentionally making a decision or action, often associated with the distribution of one's assets according to their wishes through a legal document known as a will.

Dominant Tenement

Property that has the advantage of an easement.

Servient Tenement

The property subject to an easement.

Right-of-Way

The legal right, established by usage or grant, to pass along a specific route through grounds or property belonging to another.