If One of the Products a Consumer Buys Rises in Price,the

question 120

Multiple Choice

If one of the products a consumer buys rises in price,the consumer's budget line will

• A) shift farther away from the origin of the graph and not change its slope.
• B) rotate inward, closer to the origin.
• C) vanish.
• D) undergo no change.
• E) shift farther away from the origin of the graph and become steeper.

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Definitions:

Statute of Frauds

A legal principle that requires certain types of contracts to be in writing and signed by the party to be charged, to be enforceable.

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise made to another party, if the latter has reasonably relied on that promise to their detriment.

Preliminary Performance

Initial actions or activities undertaken before the main performance, often to prepare or test.

Statute of Frauds

A legal principle that requires certain types of contracts and agreements to be written and signed to be considered enforceable.