Robert spends his income on lattes and all other goods. lattes cost $4 each. if his income increases from $400 to $500 and the price of lattes increases to $5, which of the following are true? assume that lattes are on the horizontal axis and all other goods are on the vertical axis.
choose one or more:
a. the budget line gets flatter.
b. robert would be able to purchase the same quantities of lattes even after the price increased.
c. robert's budget set will increase.
d. robert's budget set will shrink.
Answers: 2
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Robert spends his income on lattes and all other goods. lattes cost $4 each. if his income increases...
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