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Question
Marginal Rate of Substitution is determined by
Marginal Rate of Substitution is determined by
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Solution
The correct option is D preferences
The Marginal Rate of Substitution (MRS) is determined as the rate at which a consumer is willing to exchange a number of units of good X for one more unit of good Y, at the same level of utility. It is thus determined by the preferences of the consumer.
The Marginal Rate of Substitution (MRS) is determined as the rate at which a consumer is willing to exchange a number of units of good X for one more unit of good Y, at the same level of utility. It is thus determined by the preferences of the consumer.
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