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As the price of food changes, the budget line shifts out to the right.
Consumer's Income
The total amount of income a consumer has available to spend on goods and services.
Price of X
The amount of money required to purchase a specific product or service, denoted as "X."
Price of Y
Refers to the cost or value assigned to a particular good or service denoted by the variable "Y."
Units of X
A generic term for the measurable quantity of a particular thing or variable being studied or utilized.
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