The Slope of the Budget Line Is the Amount of One

question 85

True/False

The slope of the budget line is the amount of one commodity that a consumer must give up in order to obtain an additional unit of the other commodity.

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Definitions:

Probability

The extent to which an event is likely to occur, measured by the ratio of the favorable cases to the whole number of cases possible.

Probability

A measure of the likelihood that an event will occur, expressed as a number between 0 and 1.

Probability

A measure or estimation of how likely it is that an event will occur, expressed as a number between 0 and 1.

Unfavorable

Describing something that is disadvantageous, negative, or not beneficial; often related to opinions, conditions, or outcomes.