An Optimizing Consumer Will Select the Consumption Bundle in Which

question 222

Multiple Choice

An optimizing consumer will select the consumption bundle in which the

• A)ratio of total utilities is equal to the relative price.
• B)ratio of income to price equals the marginal rate of substitution.
• C)marginal rate of substitution is equal to the relative price of the goods.
• D)marginal rate of substitution is equal to marginal utility.

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Definitions:

Economic Underdevelopment

A condition characterized by low industrialization, poor infrastructure, and a low standard of living within a country or region.

Western Attributes

Characteristics or qualities that are typically associated with Western societies, such as individualism, democracy, consumerism, and technological advancement.

Independence

The state of being free from external control or influence, self-governance, or autonomy.

International Agreements

Treaties or accords reached between countries, typically involving cooperation on mutual interests or common goals.