The magnitude of the slope of the budget line measures the
A) opportunity cost of the good on the horizontal axis in terms of the good on the vertical axis.
B) opportunity cost of the good on the vertical axis in terms of the good on the horizontal axis.
C) price elasticity of demand.
D) price elasticity of supply.
Question 2
You are in the business of producing and selling hamburgers, french fries, pizza, and ice cream. The mayor plans to impose a tax on one of these products.
Based on the elasticities in the above table, as a profit-minded business person who seeks to avoid taxes whenever possible, which good would you least like to have taxed? A) hamburgers
B) pizza
C) French fries
D) ice cream
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