Multiple Choice Questions on The rate at which the consumer is willing to substitute one good for another without changing ........... for General Studies (Level 1) Preparation

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Multiple Choice Questions

The rate at which the consumer is willing to substitute one good for another without changing ...........

Indian Economy (Easy) Planning in India
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     The rate at which the consumer is willing to substitute one good for another without changing the level of satisfaction is known as

     marginal rate of substitution

    Correct Answer

     marginal rate of technical substitution

    Incorrect Answer

     diminishing marginal utility

    Incorrect Answer

     equi-marginal utility

    Incorrect Answer
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    Explanation:

    The Marginal Rate of Substitution (MRS) is defined as the rate at which a consumer is ready to exchange a number of units good X for one more of  good Y at the same level of utility.

    By: Atul Sambharia
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