​In His Will, Jason Leaves $10,000 to Each of His

question 52

Multiple Choice

​In his will, Jason leaves $10,000 to each of his three children. However, after Jason dies and all his debts are paid, there is only $9,000 left in his estate. Each child will receive

• A) ​$10,000.
• B) ​$3,000.
• C) ​$1,000.
• D) ​$500.

---

Definitions:

Consumption Bundles

These are combinations of different goods and services that an individual consumes, representing a mix of choices according to their preferences and budget.

Income

Earnings received by individuals or entities, typically in the form of wages, salaries, rents, interest, or profits, available for spending or saving.

Substitution Effect

The shift in buying habits caused by a change in the relative costs of products, prompting consumers to substitute pricier options with more affordable ones.

Price Change

Price change refers to the variation in the cost of a good or service over time, which can be influenced by factors such as supply, demand, and inflation.