Answer-The marginal rate of substitution (MRS) represents:

MRS is the amount of one good a consumer is willing to give up to get an additional unit of another good, keeping utility constant. It is the slope of an indifference curve.

Question

The marginal rate of substitution (MRS)

represents:

A The rate at which income is substituted for consumption

B The slope of the budget line

C The rate at which a consumer is willing to substitute one good for another while maintaining the same level of utility

D The total utility derived from consuming all goods

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The marginal rate of substitution (MRS)

Solution