Asked by
Ashley strzelczyk
on Oct 27, 2024Verified
(Figure: Budget Lines for Tea and Scones) Use Figure: Budget Lines for Tea and Scones.For months now,Agnes has had $20 per month to spend on tea and scones.The price of each cup of tea and each scone has been $1.Which chart shows what will happen to her budget line if the price of a scone rises to $2?
A) A
B) B
C) C
D) D
Budget Line
A graphical representation of all possible combinations of two goods that can be purchased with a given budget at set prices.
Price Of Scone
The amount of money charged for a single scone, determined by factors like production costs, demand, and supply.
Rises
Rises refers to an increase or upward movement in quantity, value, or level of a given entity or phenomena.
- Assess the repercussions of price adjustments on financial planning boundaries and consumption opportunities.
Verified Answer
CP
Learning Objectives
- Assess the repercussions of price adjustments on financial planning boundaries and consumption opportunities.