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Which of the following describes the marginal rate of substitution?
Related Topics
Wize University Microeconomics Textbook > Theory of Consumer Choice
Indifference Curves
2 Activities
Which of the following describes the marginal rate of substitution?
a) it's the rate at which someone is willing to give up units of good y to gain one more unit of x
b) it's the rate at which someone is willing to give up a unit of x to gain a unit of y while increasing utility.
c) it's the slope of the budget constraint.
d) it's the rate at which someone is willing to give up units of good y to gain one more unit of x while keeping utility constant.
I don't know
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More Indifference Curves Questions:
Practice: MRS
Eric is indifferent between the following bundles as shown by his constant utility.
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Which of the following is true about the marginal rate of substitution?
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