Consider a consumer who divides his income between spending on good X and good Y. The opportunity cost of good X in terms of good Y is reflected by the
A) price of good X relative to the prices of all other goods.
B) ratio of the price of X to the price of Y.
C) absolute price of good X.
D) ratio of the price of Y to the price of X.
E) absolute price of good Y.
Correct Answer:
Verified
Q59: Suppose a consumer can purchase only two
Q60: Q61: Q62: Economists usually assume that consumers Q63: A parallel shift in the consumer's budget Q65: The diagram below shows a set of Q66: Suppose Arun consumes only 2 goods -- Unlock this Answer For Free Now! View this answer and more for free by performing one of the following actions Scan the QR code to install the App and get 2 free unlocks Unlock quizzes for free by uploading documents
A) are motivated