Use the Figure Below to Answer the Following Questions

question 97

Multiple Choice

Use the figure below to answer the following questions. Figure 9.3.1
-Consider the budget line and indifference curve in Figure 9.3.1.If the price of good X is $2 a unit,what is the price of good Y?

• A)$0.37 a unit
• B)$0.67 a unit
• C)$1.50 a unit
• D)$2.67 a unit
• E)impossible to calculate without additional information

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Definitions:

Compete

To engage in an effort to win or achieve something, such as business or market share, by excelling over others.

Reimbursed

To be reimbursed means to receive repayment for money that has been spent or lost, usually as a result of conducting business or performing tasks on behalf of another.

Apparent Authority

A situation where a person appears to have been given the power to act on behalf of another, even if no actual authority was granted.

Undisclosed Principal

A principal whose identity is concealed from the third parties with whom the agent is dealing; the rights and obligations of the parties depend on whether the agent makes it clear that she is representing an undisclosed principal rather than operating on her own behalf.