Larry consumes only beer ( B ) and chips ( C ). If beer is measured on the vertical axis, which of the following situations is not equal to the relative price of chips in terms of beer?

Question

Larry consumes only beer ( B ) and chips ( C ). If beer is measured on the vertical axis, which of the following situations is  not  equal to the relative price of chips in terms of beer?

Accepted Answer

the real income in terms of beer

Answer

the magnitude of the slope of the budget line

Answer

P C /P B

Answer

the inverse of the relative price of beer in terms of chips

Answer

the opportunity cost of 1 bag of chips

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Larry consumes only beer ( B ) and chips ( C ). If beer is measured on the verti...

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