Given the money income and the price, the line that shows all different combinations of two goods that a consumer can buy by spending all his income is called: [1]
A. Production Line
B. Budget Line
C. Cost Line
D. Both (a) and (b)
Answer:B
Given the money income and the price, the line that shows all different combinations of two goods that a consumer can buy by spending all his income is called: [1]
A. Production Line B. Budget Line C. Cost Line D. Both (a) and (b)