Assume That a Consumer Purchases Only Two Products and There

question 358

Multiple Choice

Assume that a consumer purchases only two products and there is a decrease in the consumer's income. The prices of the two products stay constant. The decrease in income will result in

• A) a shift of the budget line inward to the left.
• B) a shift of the budget line outward to the right.
• C) a decrease in the slope of the budget line.
• D) an increase in the slope of the budget line.

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Definitions:

The Middle-Ages

A period in European history from the fall of the Roman Empire in the West (5th century) to the start of the Renaissance (14th-15th century).

George Simmel

A German sociologist and philosopher known for his analyses of modern urban life, social structures, and the philosophy of money.

Macro-Level

Analysis or perspectives that focus on large-scale systems, structures, or processes within societies or organizations.

German Philosophers

Intellectuals from Germany who have contributed significantly to philosophy with their works on metaphysics, ethics, logic, and social theory.