Which of the Following Statements Is Correct

question 261

Multiple Choice

Which of the following statements is correct?

• A) Consumers have the ability to buy everything they desire.
• B) A consumer's budget line shows the limits to what a consumer can buy.
• C) A consumer's budget line shows the goods with the highest marginal utilities.
• D) Rich consumers are unaffected by prices.
• E) A budget line changes only if the person's budget changes.

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Definitions:

Charter Action

Legal proceedings initiated to seek redress or enforcement of rights protected under a charter of rights, such as the Canadian Charter of Rights and Freedoms.

Mandatory Retirement

A policy or practice that requires employees to retire at a certain age.

University

An institution of higher learning that provides education and conducts research in a variety of fields.

Statute Law

Refers to laws that have been formally enacted by a legislative body, such as a parliament or congress.