Asked by
Casey L. Ratliff
on Dec 08, 2024
Verified
Refer to Figure 6.6. Bill's budget constraint was originally EF. If his new budget constraint is CD, then his income
A) increased.
B) decreased.
C) did not change but the price of black beans decreased.
D) did not change but the price of black beans increased.
Black Beans
A type of legume that is dark in color and rich in protein, often used in various cuisines around the world for their nutritional benefits and versatile uses in cooking.
- Understand the concept of budget constraints and how changes in income and prices affect consumer choices.
- Recognize the effect of market dynamics such as price changes or income fluctuations on household budget constraints and choices.
Verified Answer
TT
Learning Objectives
- Understand the concept of budget constraints and how changes in income and prices affect consumer choices.
- Recognize the effect of market dynamics such as price changes or income fluctuations on household budget constraints and choices.