Exam (elaborations)
TRUE/FALSE 1. If there are two goods with positive prices and the price of one good is reduced, while income and other prices remain constant, then the size of the budget set is reduced. ANS: F DIF: 1 2. If good 1 is measured on the horizontal axis and go
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TRUE/FALSE 1. If there are two goods with positive prices and the price of one good is reduced, while income and other prices remain constant, then the size of the budget set is reduced. ANS: F DIF: 1 2. If good 1 is measured on the horizontal axis and good 2 is measured on the vertical axis...
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