Figure 6-1
Income = $ 100
Price per Ticket = $20
Price per Compact Disk $ 10

-Joe spends all of his money on concert tickets and compact disks.Figure 6-1 shows his budget constraint when his income is $100.The price of a ticket is $20,while the price of a compact disk is $10.If Joe currently buys 3 tickets and would like to purchase a fourth,his opportunity cost would be
A) 1 compact disk
B) $20
C) $10
D) 2 compact disks
E) 4 compact disks
Correct Answer:
Verified
Q10: If the price of bread were zero,a
Q11: A family on a trip budgets $800
Q12: Figure 6-1
Income = $ 100
Price per Ticket
Q13: The slope of the budget line
A)is always
Q14: A family on a trip budgets $800
Q16: Budget constraints exist for consumers because
A)their utility
Q17: A consumer's budget line shows
A)the utility that
Q18: If income decreases,the budget constraint will shift
Q19: If food is measured on the horizontal
Q20: The budget line is useful for illustrating
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