Larry consumes only beer ( B ) and chips ( C ). If beer is measured on the vertical axis, the relative price of chips in terms of beer is all of the following except

Question

Larry consumes only beer ( B ) and chips ( C ). If beer is measured on the vertical axis, the relative price of chips in terms of beer is all of the following  except

Accepted Answer

the real income in terms of beer.

Answer

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

Answer

equal to the opportunity cost of 1 bag of chips.

Answer

the magnitude of the slope of the budget line.

Answer

P C /P B .

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

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