Figure 21-9
-Refer to Figure 21-9. If the consumer has $600 in income, what is the price of good X?
A)$20
B)$6
C)$3
D)$0.33

Name: Figure 21-9 -Refer to Figure 21-9. If the consumer has $600 in income, what is the price of good X? A)$20 B)$6 C)$3 D)$0.33
Brand: Quizplus
Rating: 4.9 (38 reviews)

Question

Figure 21-9 
-Refer to Figure 21-9. If the consumer has $600 in income, what is the price of good X?
A)$20 
B)$6 
C)$3 
D)$0.33

Quizplus · Accepted Answer

The price of good X is determined by dividing the total income by the quantity of good X that can be purchased with that income. If the consumer has $600 and can buy 100 units of good X, the price per unit is $600/100 = $6.

Figure 21-9 -Refer to Figure 21-9. If the Consumer Has $600 in Has