Reference: Ref 23-3 (Figure: Budget Constraint) Refer to the Figure

question 29

Multiple Choice

Reference: Ref 23-3 (Figure: Budget Constraint) Refer to the figure. The slope of the budget constraint in the figure above is equal to:

• A) the price of sneakers divided by the price of flip- flops.
• B) the price of flip-flops divided by the price of gas.
• C) the quantity of flip-flops divided by the quantity of sneakers.
• D) the quantity of sneakers divided by the quantity of flip- flops.

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Definitions:

Hamburgers

A popular food item typically consisting of a ground meat patty placed inside a bun, often served with various condiments and toppings.

Normal Good

A product whose demand increases when consumers' income rises, and falls when income decreases, under the assumption all other factors remain constant.

Income

Steady income derived from professional efforts or investing.

Hamburgers

A widely enjoyed dish made from a patty of minced meat, typically beef, served between the halves of a cut bun.