There Are Two Goods, X and Y, and the Absolute

question 80

Multiple Choice

There are two goods, X and Y, and the absolute price of good Y falls. It follows that

• A)a person can now buy less of good Y.
• B)a person cannot buy more of good Y.
• C)the slope of the budget constraint changes.
• D)the indifference curve between goods X and Y changes.

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Definitions:

Discouraged Worker

A person who has stopped searching for a job because he or she believes that job hunting is futile.

Chronically Unemployed

Individuals who are repeatedly without a job and actively seeking work for long periods.

Job-Hunting Efforts

Activities and measures taken by individuals to find employment, including networking, submitting applications, and attending interviews.

Part-Time Worker

An employee who works fewer hours than the full-time threshold, often with a flexible schedule and reduced benefits.