Suppose the Consumer's Income Increases While the Prices of the Goods

question 181

Multiple Choice

Suppose the consumer's income increases while the prices of the goods remain constant.Then the

• A)budget constraint shifts inward parallel to the original budget constraint.
• B)budget constraint shifts outward parallel to the original budget constraint.
• C)indifference curves shift outward away from the origin.
• D)indifference curves become flatter.

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Definitions:

Organization

Any group or aggregation of individuals into a purposeful entity, such as those found in business and industry, government, and the social community; also, the process of aligning people and resources to accomplish tasks (visions, goals, initiatives, and the like).

Recognition Needs

The requirement for acknowledgment and appreciation from others, often as a motivator in workplace settings.

Maslow's Hierarchy

A theory in psychology proposed by Abraham Maslow, which suggests that people are motivated by five basic categories of needs: physiological, safety, love/belonging, esteem, and self-actualization.

Organization

A structured group of people working together to achieve common goals or objectives.