A-LevelEconomicsConsumer TheoryMay/June 2018Paper 3 Q51 Mark
The diagram shows a consumer's initial budget line is GH and a set of indifference curves IC₁, IC2 and IC3 for goods R and S. The original equilibrium for the consumer is point X. The inflation rate is rising faster than money incomes. What will be the most likely new equilibrium for the consumer if income is spent? [Figure 5.1]
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