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jekas [21]
3 years ago
12

The quantity of good Y is measured along the vertical axis, and the quantity of good X is measured along the horizontal axis. If

the prices of both good Y and good X rise, the budget line shifts outward to the right and the vertical and horizontal intercepts will both rise. shifts inward to the left and both intercepts will decline. rotates, rising along the vertical axis but falling along the horizontal axis. None of these.

Business
1 answer:
Degger [83]3 years ago
5 0

Answer:

shifts inward to the left and both intercepts will decline.

Explanation:

A budget line shows the various combinations an individual can purchase of two goods given an income level or budget.

When there is an increase in price, the number of goods that can be bought at all price levels decreases, there is a shift in the budget line to the left.

This is illustrated in the attached diagram. When price increases there is a shift from A'B' to AB

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Answer:

I. If labor and capital are perfect substitutes in production, the isoquant is a straight, downward-sloping line.  

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Perfectly substittuable goods have straight downward sloping ICs, and have corner solutions .

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