Suppose the Only Two Goods That Brett Consumes Are Wine

question 110

Multiple Choice

Suppose the only two goods that Brett consumes are wine and cheese.When wine sells for $10 a bottle and cheese sell for $10 a pound,he buys 6 bottles of wine and 4 pounds of cheese - spending his entire income of $100.One day the price of wine falls to $5 a bottle and the price of cheese increases to $20 a pound,while his income does not change.The bundle of wine and cheese that he purchased at the old prices,now costs,at the new prices,

• A)the same amount.
• B)less than Brett's income.
• C)more than Brett's income.
• D)not enough information to answer the question.

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Definitions:

Holophrases

Single-word utterances used by infants that convey complete ideas or demands, demonstrating early language understanding.

Prototypes

A cognitive reference point representing the typical example of a category or class, often used in making judgments about how well something fits into a category.

Heuristics

Cognitive shortcuts or rules of thumb that simplify decision making, often at the cost of accuracy or thoroughness.

Anagrams

A game or puzzle in which players create new words by changing the order of letters in the original word.