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snowicefox17 snowicefox17
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4 years ago

Question 1.

The slope of the indifference curve is referred to as



▸

the marginal rate of consumption.



▸

the marginal rate of substitution.



▸

the marginal tradeoff rate.



▸

the price ratio.



Question 2.

What does the marginal rate of substitution measure?



▸

It measures the rate at which a consumer must give up one good to purchase another good.



▸

It measures the change in utility from consuming one additional unit of a good.



▸

It measures the rate at which a consumer is willing to trade off one product for another while keeping utility constant.



▸

It measures the rate at which a consumer will substitute one good for another when the price of one good changes.

Textbook 
InMicro

InMicro


Edition: 1st
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kwashington67kwashington67
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4 years ago
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snowicefox17 Author
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#2
4 years ago
Thank you, thank you, thank you!
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