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Patience was maximising her utility subject to her budget constraint. Prices changed and Patience was less well off than before. Therefore, at the old prices
- Patience was maximising her utility subject to her budget constraint. Prices changed and Patience was less well off than before. Therefore, at the old prices her new bundle must cost less than her old bundle." Is this statement true, false, or ambiguous? Justify your answer.
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Macroeconomics
Authors: Paul Krugman, Robin Wells
4th Edition
1464110379, 9781464110375
