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.

⚡ BIG BEE DAYS Are Live - Spin the Wheel to Get BIGGEST DISCOUNT of the Year -⚡

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

Practice Next

More Economic and Social Issues ESI Questions

A process is thrashing if ____________
What is the primary difference between "RAM" and "ROM"?
Laser printer can print ___ pages of text per minute, and their resolution ranges from _____dpi.
Which of the following technologies is most suitable for high-speed internet over telephone lines?
Which of the following is not considered an output device?
Which memory type provides the largest storage capacity?
What is the full form of "PDF"?
What is the fourth layer in the OSI model?
A graphical or text depiction of the relationship between different groups of content on a website is a:
A universal product code is read by what type of scanner:

The marginal rate of substitution (MRS)

Solution