The MU/P ratio for good X is greater than the MU/P ratio for good Y. To achieve consumer equilibrium, the consumer reallocates dollars from the purchase of good Y to the purchase of good X. If the law of diminishing marginal utility holds, the marginal utility of good X and the marginal utility of good Y .
a. stays constant, rises
b. rises, stays constant
c. rises, falls
d. falls, stays constant
e. falls, rises
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The MU/P ratio for good X is greater than the MU/P ratio for good Y. To achieve consumer equilibrium...
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