Larry Consumes Only Beer (B)and Chips (C)

question 51

Multiple Choice

Larry consumes only beer (B) and chips (C) . If beer is measured on the vertical axis, the relative price of chips in terms of beer is all of the following except

• A)PC/PB.
• B)the magnitude of the slope of the budget line.
• C)equal to the opportunity cost of 1 bag of chips.
• D)the real income in terms of beer.
• E)the inverse of the relative price of beer in terms of chips.

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