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How did the popular uprisings from 1789 to 1792 shape royal policy?
Consumption
The act of using goods and services by households or individuals, leading to the depletion of wealth.
Equal Marginal Principle
Principle that utility is maximized when the consumer has equalized the marginal utility per dollar of expenditure across all goods.
Hicksian Substitution Effect
Alternative to the Slutsky equation for decomposing price changes without recourse to indifference curves.
Indifference Curves
A graph showing different bundles of goods between which a consumer is indifferent.
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