If Your Nominal Income Remains Constant at $3,000 While the Price

question 8

Multiple Choice

If your nominal income remains constant at $3,000 while the price of an important product in your budget,such as cell phone service,rises from $50 to $100,your real income has

• A)Decreased by $50.
• B)Decreased by $100.
• C)Decreased by $150.
• D)Remained constant.