The Marginal Rate of Substitution Assumes That

question 56

Multiple Choice

The marginal rate of substitution assumes that:

• A) prices remain unchanged.
• B) money income remains unchanged.
• C) total utility remains unchanged.
• D) the quantities of both goods remain unchanged.

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Definitions:

Extortion

The act of obtaining something, especially money, through threats or use of force.

Blackmail

The act of demanding payment or another benefit from someone in return for not revealing compromising or damaging information about them.

Building Code

Regulations established by local governments detailing the standards for construction and safety of buildings and structures.

Petty Offense

A minor crime that is punishable by a small fine and/or imprisonment for less than six months in a jail.