A change in the price of one good results in a rotation of the budget line around the point at which the consumer is currently consuming, so that it is steeper or flatter.
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Q44: Even if all individual demand curves are
Q45: The law of demand holds that as
Q46: A change in the price of one
Q47: The market demand curve is the horizontal
Q48: If a good has "snob appeal," consumers
Q50: If income rises, most consumers will increase
Q51: Points along a budget line represent the
Q52: All inferior goods have upward-sloping demand curves.
Q53: The slope of the budget line is
Q54: The market demand curve is the vertical
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