If the Relative Price of a Lift Ticket at a Ski

question 147

Multiple Choice

If the relative price of a lift ticket at a ski resort is two times the price of a meal at a good restaurant,what is the opportunity cost of a lift ticket

• A)the slope of the budget constraint
• B)the slope of the indifference curve
• C)the intercept on the lift ticket axis
• D)the intercept on the meal axis

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Definitions:

Green Beans

A type of common vegetable, long and slender, typically harvested while still young and tender.

Normative Economics

A branch of economics that focuses on what ought to be or what should be, often based on value judgments and opinions.

Positive Economics

A branch of economics that focuses on factual and cause-and-effect relationships, avoiding value judgments about what ought to be.

Production Possibility

A concept representing the various combinations of goods and services an economy can produce, given certain resources and technology.