Question: If the price ratio changes (Px/Py) due to a decrease in the price of X while income remains constant, the vertical intercept (Y) of the
If the price ratio changes (Px/Py) due to a decrease in the price of X while income remains constant, the vertical intercept (Y) of the budget line ____________ and the horizontal intercept (X) rotates (pivots) ____________. a. remains the same; out b. remains the same; in c. moves up; out d. moves down; in
Step by Step Solution
There are 3 Steps involved in it
The detailed answer for the above question is provided below If the p... View full answer
Get step-by-step solutions from verified subject matter experts
