Figure 21-12 -Refer to Figure 21-12. If the Consumer Moves from Bundle

question 518

Multiple Choice

Figure 21-12
-Refer to Figure 21-12. If the consumer moves from bundle V to bundle X, the

• A)marginal rate of substitution remains constant.
• B)total utility remains constant.
• C)total utility increases.
• D)Both a) and b) are correct.

---

Definitions:

Nineteenth Century

The period from 1801 to 1900, marked by significant political, social, and technological changes worldwide.

Market Revolution

The drastic change in the US economy in the early 19th century characterized by the rapid expansion of capitalism and significant developments in transportation, commercialization, and industrialization.

Economic Leveling

The process or policy aimed at reducing economic inequalities among various groups in a society by redistributing wealth.

Economic Inequality

The disparate allocation of money, resources, and chances for advancement among different people or communities in a society.