IN THE GRAPH ABOVE, A IS THE INITIAL BUDGET LINE AND B IS THE NEW B...

56.In the graph above, A is the initial budget line and B is the new budget line. Which of the following changes might have occurred?P

1

was unchanged, P

2

increased, income decreased.→ P

₁

decreased, P

₂

increased, income was unchanged.P

1

increased, P

2

decreased, income was unchanged.P

1

decreased, P

2

was unchanged, income increased. AACSB: AnalyticBlooms: ApplyDifficulty: 3 HardLearning Objective: 01-04 List the categories of scarce resources and delineate the nature of the economizing problem.Topic: Individual's economic problemMultiple Choice Question