Suppose That the Price of Good X Triples and the Price

question 27

Multiple Choice

Suppose that the price of good x triples and the price of good y doubles while income remains constant.On a graph where the budget line is drawn with x on the horizontal axis and y on the vertical axis, the new budget line

• A)is flatter than the old one and lies below it.
• B)is flatter than the old one and lies above it.
• C)crosses the old budget line.
• D)is steeper than the old one and lies below it.
• E)is steeper than the old one and lies above it.

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Definitions:

Market Supply Curve

A graphical representation showing the quantity of a good that producers are willing to sell at different prices, assuming all other factors remain constant.

Diversity Leadership

The practice of leading with attention to diversity, recognizing and valuing differences among team members' backgrounds, perspectives, and skills to enhance creativity and innovation.

Leadership Approach

A systematic way that an individual takes to guide, direct, and influence the work of others within an organization, often categorized into styles such as autocratic, democratic, or laissez-faire.

Valuing Differences

Recognizing and appreciating the diverse backgrounds, skills, and perspectives individuals bring to a group or organization.