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

Answer

P C /P B .

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.

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

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