Examining the budget constraint for a household with clothing on the vertical axis and food on the horizontal axis, the vertical intercept of the budget line represents:Multiple choice question.the price of food.the quantity of clothing purchased if all income is spent on clothing.the quantity of food purchased if all income is spent on food.the price of clothing.

Suppose you have $10 to buy either onions or breath mints. Onions cost $0.50 each and breath mints cost $1.00. On a graph onions are on the y-axis and breath mints are on the x-axis. If the price of breath mints increase while the price of onions and your budget stay the same, what happens to the budgets line?Multiple choice question.The vertical intercept shifts upward, farther from the origin.The horizontal intercept shifts outward, farther from the origin.The vertical intercept shifts downward, closer to the origin.The horizontal intercept shifts inward, closer to the origin.

A consumer has income equal to $1,000, to spend on two goods, X and Y, where price of good X is $20 per unit, and price of good Y is $50 per unit. The X-intercept of the consumer's budget constraint has __ units and the Y-intercept of the consumer's budget constraint has __ units.

Consider a diagrammatic representation of a budget set that consists of affordable bundles of non-negative amounts of each of two commodities. Suppose that the quantity of commodity one is represented on the horizontal axis of the diagram and the quantity of commodity two is represented on the vertical axis of the diagram. If the price of commodity two falls, then \cdots. Question 6Select one: a. the budget line steepens. b. the consumer will be able to obtain more of commodity one for less of commodity two. c. the intercept of the budget line with the horizontal axis will shift to the left. d. the consumer's budget set will shrink. e. Both option (a) and option (b) are correct.

7. (a) What is a budget line? What does the point on it indicate in terms of prices?(b) A consumer consumes only two goods X and Y. Her money income is 24 and the prices of Goods Xand Y are *4 and 2 respectively. Answer the following questions:(i) Can the consumer afford a bundle 4X and 5Y? Explain.(ii) What will be the MRS, when consumer is in equilibrium? Explain.XY

Consumers must forgo certain goods and services based on a limited budget because Blank______.Multiple choice question.a consumer's limited budget is constrained by the resources used to produce goods or servicesa consumer's limited budget is constrained by the availability of goods or servicesa consumer's limited budget is constrained by the demand for goods or servicesa consumer spends his or her limited budget purchasing a combination of goods and services that maximize his or her satisfaction