Which of the following is a root cause behind competition inherent in every society?
a. Unlimited wants of the people
b. People's desire to acquire goods and services for free
c. Scarcity of goods and services
d. Genetic makeup of people
Question 2
Suppose a budget line is drawn with X on the horizontal axis and Y on the vertical axis. A decrease in the price of X will cause:
a. an increase in the vertical intercept and no change in the horizontal intercept.
b. a decrease in the vertical intercept and no change in the horizontal intercept.
c. an increase in the horizontal intercept and no change in the vertical intercept.
d. a decrease in the horizontal intercept and no change in the vertical intercept.
e. a parallel, rightward shift of the budget line.
