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:

Fixed-Interval Schedule

In operant conditioning, a reinforcement schedule that reinforces a response only after a specified time has elapsed.

Specified Time Period

A distinct duration or length of time that has been determined or requested for a particular purpose or event.

Response Is Reinforced

A process in learning where the likelihood of a behavior's occurrence is increased by following it with a positive outcome or reward.

Monetary Winnings

Funds or gains received as a result of winning a game, competition, bet, or lawsuit.