(Figure: Good Y and Good X IV) Which of the Following

question 122

Multiple Choice

(Figure: Good Y and Good X IV) Which of the following changes could have rotated the budget constraint in the direction indicated by the arrow in the graph?

• A) an increase in the price of good X
• B) a decrease in the price of good Y
• C) a decrease in income
• D) an increase in the price of good Y

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Definitions:

Right Of Action

A legal right to commence a lawsuit.

Sold

A term indicating that an item, asset, or property has been transferred from one party to another in exchange for money or other compensation.

Defaults

Situations where a party fails to fulfill their obligations as specified in a contract or agreement.

Construction Lien

A claim made against a property by a contractor or subcontractor who has not been paid for work performed or materials supplied.