Question 1
A car's real cost is its opportunity cost. Opportunity cost is determined by
◦ the price of the car.
◦ relative prices.
◦ wealth.
◦ the prices of the goods that are compliments to a car.
Question 2
Refer to the information provided in Figure 6.7 below to answer the question(s) that follow.
Refer to Figure 6.7. Along budget constraint
AB, the price of good X is $10 and the price of good Y is $12. If the price of X increases to $15, the budget constraint will
◦ pivot in at point
B.
◦ pivot out at point
A.
◦ shift in parallel to
AB.
◦ pivot in at point
A.
Figure and Ground
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